NIFTY :
Daily Charts : If we look at them , it looks a 50-50 gamble. Prices may zoom in , into the channel OR crack like no floor.Even Daily MACD has taken a shape where it can come back or fall down. All Mess.
What to do ?
Let's See Weekly Charts .
Aah we saw it 2 days back , they wont change :D
All clue has to come from Daily Charts itself.
Clue for a Gambler , trade Plan for a Trader.
Let's Zoom in the daily chart and here it goes , its self explanatory.
LONG ABOVE 5970 to cash in at least 100 points to upside.
SHORT BELOW 5900 to cash in at least 100 points to downside.
If prices stay above the falling channel after SBI results buzz is quiet , wait till Nifty takes out its daily 13 ema and initiate long with SL @ 5 ema. Desperate souls who cant wait till Nifty takes out 5962 ,can LONG it with Super Hard SL 5900.
If prices fall back into the channel , don't FORGET to wait a bit before they stabilize inside the channel , 15 minutes is standard , if they do so ,initiate SHORT , add more and more.
The RULE says , Channels are NOT broken easily. I am biased for a BULL RUN and looking for long opportunities rather desperately going SHORT.
SBI : I had drawn few charts but not posting anything here. SBI results are major events and I am staying out to trade it.
All time frame charts are super bearish , but the way it has fell in recent past , I believe any form of results will result in Bull Run and a short covering rally should emerge .
All skilled traders should be waiting for the news to sell the rumor they have been buying.
Ideally , technically its too late to Short Sbi anymore.
United Spirits : Though it should bounce back after a visit to its value zone (1835-1845) , I don't encourage trade in such high volatile news flow based counter where promoters are in action.
See you in the ring in sometime !
SS
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