This topic contains 21 replies, has 2 voices, and was last updated by Ashish Kyal, CMT 8 months, 4 weeks ago.
- 8th October 2019 at 4:53 pm #188089
Ashish Kyal, CMT
Nifty has been moving in downtrend over past few days but one of the most objective tools that I have come across for taking trades is Ichimoku Cloud. It provides precise trade setup and helps in understanding the overall trend direction.
Now look at the below chart of Nifty:
Looking at the above 30 minutes chart of Nifty how do you think one can enter the trade and in which direction. Also what will be your target, stoploss. So let us explore through interactive way on learning this wonderful tool or techniques. Before I share across my way of looking at it I want to see other creative ways in which everyone sees this indicator.
Do not get overwhelmed by the number of lines on the chart. Simply try to see price reaction from different colourful lines.
Can you answer the following – Where do you think Nifty is headed over short term and what is the way to derive intraday trade entry, stoploss and target levels?
- 8th October 2019 at 5:22 pm #188092
Nifty in selling trend as per ichimoku cloud sell below 11151 sl 11201
- 8th October 2019 at 5:24 pm #188093
- 8th October 2019 at 5:24 pm #188094
In near term nifty may bounce back up to 11350 level around and may resume downtrend again.
Intraday one may enter at cross of 11180 with SL 11150 for target 11280+ if opens below yesterday’s close then possible to go down to 11060 levels possible.
- 8th October 2019 at 5:26 pm #188096
Stop would me 11050 target would be 10400
- 8th October 2019 at 5:31 pm #188097
The nifty is heading towards 10800 with a stop loss of 11200 as per elliot wave it’s a 5th wave as per 30 mins chart as per my consideration it will move up to 200% of 1st wave
- 8th October 2019 at 5:40 pm #188100
I feel the short term level 11120 is support. If it breaks below and sustains the nifty can go below to 10700 levels I medium term. If nifty is above 11320 then we can say it will touch recent highs of 11400-11600.
Please advise me of my reading of the above chart.
- 8th October 2019 at 5:41 pm #188101
Dixit P Sutariya
Looking at Ichimoku the trend looks negative
- 8th October 2019 at 5:42 pm #188102
I think Nifty is headed towards 11000
- 8th October 2019 at 5:45 pm #188107
Nifty is in a consolidation phase should be in the range of 11000 and 11300 this week
- 8th October 2019 at 5:48 pm #188108
I feel Nifty might move towards 10900
- 8th October 2019 at 5:51 pm #188109
Ichimoku can be used for predicting intraday trade setups, and according to me Nifty short term view is bearish
- 8th October 2019 at 5:53 pm #188110
I feel Nifty will be in strong selling pressure after a minor pullback
- 8th October 2019 at 6:33 pm #188122
I think nifty make bottom. It will touch weekly hammer and goes uncharted territory in coming two months.
- 8th October 2019 at 6:40 pm #188125
Currently as per 30 min chart Nifty is in downtrend due to following –
1. Prices below cloud , Tinkensen , Kijunsen and future cloud in red
2. Tinken sen below Kijunsen and Chikou Span in free territory.
3. Kijunsen is flat indicating a minor recovery or consolidation.
4. Price forming lower low and lower highs
Resistances – Kijunsen Level – 11256, Senkou Span A , Senkou Span B. To resume up trend nifty has to move to above cloud.
Support – Previous high -11084, Kumo Shadows – 11036- 11025
Decisively breaking 11025 can take Nifty to 10920, 10816levels.
Strategy – Sell on rise to level approx 11160 , SL- 11275, TGT – 11036
- 8th October 2019 at 6:49 pm #188128
Will short nifty at bounce near 11180-11200 with Sl abv 11260 and cover near 11059-10971
- 8th October 2019 at 10:36 pm #188145
Wait for pullback near cloud or red line and short if it breaks below 11110 for target of 11060 followed by 10910.
- 9th October 2019 at 6:14 am #188160
Who told you to look at 30min time frame? Why not daily or 5 minor 15 min?
- 9th October 2019 at 11:22 am #188178
Ashish Kyal, CMT
I agree with Milind, It is actually better to look at different time frames. So what is your take across time frames?
- 9th October 2019 at 12:27 pm #188188
N V NARAYANA GUDIVADA
NIFTY WILL GO UPTO 12000 WITH STRICT STOPLOSS 10900.
- 9th October 2019 at 10:06 pm #188239
<p style=”text-align: left;”>Conversion & base line below red cloud future cloud is also red, so near term negative for nifty</p>
- 10th October 2019 at 2:05 pm #188284
Ashish Kyal, CMT
Many have been accurate in anticipating a pullback but the recent rise was sharp to break above the 15 mins cloud and now we are seeing retest on downside. Below is the latest chart.
Piyush commented very well on above with levels.
I think we will consolidate in a range and then might start moving higher provided the low of cloud now remains protected.