August 30, 2019

Market outlook

Daily charts:
- trend is down and will reverse on close above 11200
- today nifty closed 0.7% in positive
- AD was 10:7

- today was a volatile day
- intraday swing (up and down) was 300 points
- AD was however flat even when nifty was down
- one could see buying in midcap/ small cap stocks
- so bias was slowly turning bullish near day's low

- today upstox charts were not working in first half of the day

- a crude H&S is forming and will be complete once NF closes above 11200

- this month net move in nifty is 40 points
- but swings were 200 points +/- from 11000 level

3 min charts:
- took 3 long trades... did not trade the short side
- reason for not trading short side was futures charts were not working
- problem resolved by 12 pm
- exited last long around 11000 F
- trailing SL is as shown

with kplswing indicator N=5

with kplswing indicator N=10

with kplswing indicator N=20

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