Nifty and Bank nifty is in sell mode for a very long time in the hourly intratrend charts. Currently the resistance zone is coming around 5638 and 10033 respectively. Also the stochastic momentum indicates increasing from very extreme readings in nifty. An increasing stochastic momentum on nifty hourly charts suggest a recovery from a bottom. Reverse your position to longs when the resistance breaks on hourly charts.
Rajandran R Follow Telecom Engineer turned Full-time Derivative Trader. Mostly Trading Nifty, Banknifty, USDINR and 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. Writing about Markets, Trading System Design, Market Sentiment, Trading Softwares & Trading Nuances since 2007 onwards. Author of Marketcalls.in and Co-Creator of Algomojo (Algorithmic Trading Platform for DIY Traders)
Nifty and BankNifty August Futures Outlook – II
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