April 29, 2020

Market outlook

Daily charts:
- trend is up on daily charts
- today nifty closed 1.8% in positive at 9553
- AD was 11:7

- markets trading within rising wedge
- nifty touched 9600 (upper trendline of wedge) but failed to sustain there
- this is visible on intraday charts
- last part/ ending part of wedge is very difficult to trade

- today nifty gave a buy signal on kplswing indicator
- the sell was given on 1-FEB at 11662
- rough SL was 9000
- and now buy today signal at 9553
- most likely this signal will fail
- min SL is current nifty minus twice 14 day ATR i.e. 9550-2*340 approx 8900
- 10 bar low is at 8800
- we can safely assume SL at 9000 ... roughly 6% which is actually very decent




With swing indicator



5 min charts:

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