Rajandran R FollowCreator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Building GenAI Applications. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in
Nifty Energy – Medium Term Trend Overview
28 sec read
Nifty Daily Charts
Nifty Energy is in a one way street since the start of Sep 2015. Almost 100% return in the Energy index since then. Since mid of Oct 2017 Energy index is consolidating in a broader band of 13750-14670 range. Momentum index is on a continuous decline in the last 4 months indicating lack of interest from the market participants. Lack of momentum inidcates long term serious money is missing in the last 4 months.
Short Term resistance built around 14000 levels. Nifty Energy index also forms a bearish outside bar on the daily timeframe. Though trading sentiments is holding positive, price maintaining below 14000 levels could potentially change the sentiment to negative. In a medium term one can expect 5-6 percent correction in this counter.
Nifty Energy 4 hour charts
Related
Rajandran R FollowCreator of OpenAlgo - OpenSource Algo Trading framework for Indian Traders. Building GenAI Applications. Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, High Liquid Stock Derivatives. Trading the Markets Since 2006 onwards. Using Market Profile and Orderflow for more than a decade. Designed and published 100+ open source trading systems on various trading tools. Strongly believe that market understanding and robust trading frameworks are the key to the trading success. Building Algo Platforms, Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in