Seems like nifty will be in green on Monday as it took 61.8 % retracement

Technical Analysis
21

Whst happened?

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I am just keeping it simple, I trade futures intraday. Only short side. Options also giving some opportunities, but not very good due to high prices.

One big bounce will come soon. Why I said technicals will not work, because every support, even important ones, you cannot be sure where it will bounce.

Let market begin the bounce, then I will start trading intraday again, and only on long side.

That bounce can come from 10300, 10000, 9700, who knows. Everyone knows the levels.

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Actually if you follow Fibonacci, open monthly chart.

From 2016 Feb bottom, to 2020 top, apply Fibonacci retracement.

We touched exact 38% today.

Now will this be the bottom? :rofl:

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@Newbie420 thank you so much for your valuable insight :+1:t2:

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I do not know about Fibonacci or 38% retracement. One thing is for sure.
Dow Fut is in -1250 right now and If Dow Bleeds around 2000 points in 2 trading sessions (including Dow Futures on Wed Morning) Nifty will be trading in 4 digits.

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Also touched weekly 200 Ma and bounced exactly

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Technical will not work in crash market , anyway I am still holding 2 lot shorted nifty from 12300 I am try to see below 10 k I will square off

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Above VIX 30 market can circuit up or down
Today dowjones market freez for 15 minutes

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stupid question to ask riyas, but i admire your approach to towards markets, wanna ask whatā€™s your ā€œworse caseā€ scenario for nifty from here?, mine is 10,000-9,500 :slight_smile:

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@vishalkhemchandani we cannot tell , if cornavirus spreading fast itā€™s will go below 9K also , now the same target what you are expecting

In 2008 nifty down almost 50%
Currently we are down almost 20% let see

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If we see TECHNICAL this BJP govt. NIFTY respect 50 Month SMA never goes below now this line at around 10160 letā€™s see.

I like 6800 level plz donā€™t take it negatively I personally think NIFTY donā€™t deserve 12000 LEVEL as per MACROECONOMICS.

:slight_smile:

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Ya ok itā€™s only 3000 point itā€™s will go in 5 days to 6800 nifty , now a days falling 500 points every day

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Well my view on market remains the same as on March 8 , But by considering FIIs short covering , to-days green on Asiain market indices and also Chart indicators ,which are in oversold level, equal to ,as seen on Year 2016 . Yesterday Nifty bounced intra-day almost exactly from 200 DMA level+ from a trend line. i am expecting a bounce or pull back on Nifty ,as Bear Market rallies are sharp & swift , i would wait for a bounce to short again on Nifty. its a chance to enter the present downtrend.
And coming to your original question , Technicalā€™s are not wrong only its application ,if applied on longer time frames ,technicalā€™s work well. Having said so , Technical / charting gives an edge of 45% on a scale of 100 , rest relies on Money Management & risk Management.

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Agreed! :+1:

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Where you get the data of FII short covering ?

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Fundamental reasons create technical charts, but not the opposite. That is, technical charts cannot change fundamental reasons.

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Only Technicals No " FUNDAS" :slightly_smiling_face::grinning:

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Next target 9000 probably by May endā€¦
Then 8000ā€¦ 6000 by December
:sneezing_face:

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Somewhere around 4999 is also possible

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Many of ā€œFUNDASā€ Heart Broken Today :slightly_smiling_face::stuck_out_tongue::sleepy:

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