Trend- Flat to strong
Trend- Flat to strong
Advances- 573 Declines- 604 Unchanged- 57
Monday, as expected, Indian stock markets extended the gains on back of the victory of BJP on assembly elections held in four states. Rupee also improved while trading. As a result of this Sensex and Nifty closed at all time closing high.
BSE benchmark S&P Sensex opened at 21416.67, after reaching a high of 21483.74 went to a low of 21282.64 and closed at 21326.42 (329.89 points or 1.57 per cent higher). S&P CNX Nifty opened at 6415, after seeing a high of 6415.25, went to a low of 6345 and then closed at 6363.90 (104 points or 1.66 per cent higher). MCX-SX 40 closed at 12634.79 with a gain of 180.67 points or 1.45 per cent. Market breadth was negative on both NSE and BSE.
Intraday technical trend of Nifty and Sensex is still 'Flat to strong'. The markets may continue the rally on coming days if it holds key levels.
Tuesday if Nifty breaches 6403 and stays above at least 6383 with good volume then NIFTY trend is becoming 'STRONG' and may see 6423, 6443 and 6467. If nifty crosses 6325 and stays below 6345, it is weak and it may see 6305, 6285 and 6265. If SENSEX breaches 21437 and stays above 21382 with good volume then Sensex trend is becoming 'STRONG', possible upper targets are 21500, 21560 and 21620. If SENSEX crosses 21216 and stays below 21271 with good volume then Sensex trend is said to be 'WEAK'. Then expected lower targets are 21165, 21105 and 21045*.
More levels here
Intraday break out level to watch on SENSEX- 21437
Intraday break out level to watch on NIFTY- 6403
Intraday break down level to watch on NIFTY- 6325
Intraday break down level to watch on SENSEX- 21216
How to trade with trends?
On normal trading days if the trend is 'STRONG' the stock or indice is a buy.If the trend is 'WEAK' the stock or indice is a sell.If the trend is 'Flat' one must hold the stock or indice. 'FLAT TO STRONG' trend indicates that one must buy stock or indice on declines for small targets.'FLAT TO WEAK' trend indicates one must sell on rally for small targets.
How to apply trend analysis on stocks?
You can apply trend analysis on stocks also.If the trend is 'STRONG' Select strong stocks and buy with stop loss.If the trend is 'WEAK' Select weak stocks and sell with stop loss.If the trend is 'FLAT' Select strong stocks and buy with stop loss. Also select weak stocks and sell with stop loss.
If the trend is 'FLAT TO STRONG' Select strong stocks and buy on declines with stop loss.If the trend is 'FLAT TO WEAK' Select weak stocks and sell on rallies with stop loss.
NB- 1. As the title indicates this analysis is prepared for Intraday trading purpose.As it is clearly based on momentum and technicals it may have slight impact on Next trading session also.Some times we are considering news also.There are several methods to calculate support and resistance.If you have your own method for analysis we recommend to use that.All the above values are technical calculations with out any guarantee .Keep this values in mind while trading.Trade at your own risk.
2.Keep an eye on this week's important global economic events.
3.Keep an eye on this week's important US economic events.
4.Keep an eye on weekly trend.