I have a favourite pastime of studying charts over the weekend, and letting my imagination run wild.
After spending a few hours over various charts of, Nifty spot, Nifty futures, and various Options charts, following is the possible path for September that comes to my mind.
For a conservative or traditional trader, the stop loss is below 7850 (all levels are of Nifty spot).
However, Nifty might make a top somewhere on that trend line that is sloping upwards. For aggressive traders, it is worth buying some cheap Puts (say 7700 or lower), for a possible target of the lower trend line. If that happens, the Puts would be multi baggers.
Another possible hint of a top can be provided by the CE charts.
Hourly chart of 8000 CE given below:
Typically, the first week in a new settlement is bullish, and this CE chart can be used to trade Nifty in this first week.
Corresponding levels for other CE charts also can be used.
Happy trading !!
After spending a few hours over various charts of, Nifty spot, Nifty futures, and various Options charts, following is the possible path for September that comes to my mind.
For a conservative or traditional trader, the stop loss is below 7850 (all levels are of Nifty spot).
However, Nifty might make a top somewhere on that trend line that is sloping upwards. For aggressive traders, it is worth buying some cheap Puts (say 7700 or lower), for a possible target of the lower trend line. If that happens, the Puts would be multi baggers.
Another possible hint of a top can be provided by the CE charts.
Hourly chart of 8000 CE given below:
Typically, the first week in a new settlement is bullish, and this CE chart can be used to trade Nifty in this first week.
Corresponding levels for other CE charts also can be used.
Happy trading !!
