THERE ARE DIFFERENT KIND OF TRADER’S WE COME ACROSS IN MARKET, BUY WHAT’S IMPORTANT FOR AN SUCCESSFUL TRADER IN A MARKET.
IS IT MONEY, TIME, CONFIDENCE, KNOWLEDGE, TECHNIQUE OR SOMETHING DIFFERENT?????
MOREOVER WE CAN SAY THAT, THERE ARE MANY TRADING STYLE WE SEE IN OUR MARKET, BUT MUCH MORE IMPORTANT POINT IS RISK MANAGEMENT WITH PROPER GAINS ON YOUR INVESTMENT, IF WE CONCENTRATE ON THIS THING, THEN ULTIMATELY WE WILL GET OTHER SKILL WHILE TRADING IN A MARKET,
BECAUSE HAVING LOT OF MONEY TO TRADE, CATCHING THE PERFECT TIME, CONFIDENCE ON MARKET, PROPER KNOWLEDGE OF THINGS HAPPENING ARE VERY DIFFICULT FOR ANY TRADER TO CONCENTRATE ON, SO ONCE YOU LEARN THE CAPITAL PROTECTION OR RISK MANAGEMENT, OTHER THING YOU WILL LEARN AS PER THE TIME.
Last week we clearly mention that 6100-6150 is big resistance and this can bring market down side, just see market made 6106 almost and given a fall till 5984 level.
Now with current chart development we can see some development of candlestick patterns in last week.
Last session market has given a “BULLISH HARAMI” candle, before that it has given a “BIG BEAR” candle on chart after a development of “GRAVESTONE DOJI” candle on chart.
As we can see that all this bearish candlestick patterns are developed on lower level of the recent trend so effect of this patterns on lower side is much slower now. Which we able see in last session.
Now with current development we can say that market has taken a small support at bottom side, and still not able to cross the resistance level, which can indicate that, market may move in this range till the time its not crossing the mention levels.
As per the chart we can see that, nifty has taken support on trend line and its also near to the resistance level, development is look like “SYMMETRIC TRIANGLE” on chat now.
Rsi development also shows the same picture, rsi able to touch the resistance level.
So for coming week we can see that market is having a good support in a range of 5950-6000 range and upside resistance we can see at 6100-6120 range now, once nifty able to give close beyond this range we can see some good moves in market below support we can see movement till 5900-5700-5500 also, if able to cross resistance then upside we can also expect 6150-6250-6350 levels.
as of now we can clearly see that market is on comfortable at upper levels, so any positional traders who looking for long term position build-up {3-5 years’ time} can still wait till breakout to happen above 6450 level or can wait till fall to complete, because proper level entries will give you good returns, and with proper trend risk management will be much more easy.