Thursday, March 18, 2010

Reader Suggestions Wanted

tushki asks:

"sir pls suggest me levels for bank nifty...i had short sell it at 8500"

My Notes: I am giving below the chart for Bank Nifty Near Month futures. I request readers to give their suggestions to tushki. You should write your suggestions as comments to this post. Please keep your advise focussed and actionable. I will be grateful for all responses.

Also: I will be in Ahmedabad on 19th + 20th March for the CNBC Investor Camp. Readers are welcome to meet me.

13 comments:

sam said...

respected sir

i an studying finance and very much intrested intechnicals. i respect the study very much! it has change my view of looking at this market eailer it was place for speculation now it is more of a risk reward ratio where u r just reducing ur risk !!
i m availing technical servises from an individual situated at delhi, in the last four months as per his strikes, we have placed 10 oders.
he dont gives me sell or a buy call. he is giving 3 levels every day, openning , clossing and sdwd.
Sdwd is for swing traders and the rest could be considered as intraday or partly profit booking zones.. accirding. to him one should long or short on sdwd{ strength developed and weakness dev.} if mkt sustains above or below sdwd for 7 or 10 min bar
i m wondering that market follows its level diligently.
i m woundering what this study is about!
i m quoting few strikes
DaT SD/WD OPNING CLOSING
91109 4885 4739 4917 [DON]
101109 4849 4896 4890 [DON]
111109 4849 4975 4890 [DON]
121109 4838 5020 4748 [DON]
131109 4814 5026 4724 [DON]
161109 4814 5035 4739 [DON ]
171109 4874 5082 4784 [ UP ]
181109 4874 5086 4784 [ UP ]
191109 4874 5096 4784 [ UP ]
201109 4874 5044 4784 [ UP ]
231109 4911 4994 4819 [UP]
241109 4951 5060 4911 [ up ]
251109 4989 5090 4924 [ up ]
261109 5014 5146 4965 [ up ]
271109 5049 5095 4974 [up]
301109 5020 4905 5049 {up}
11209 5020 4933 5050 [up ]
21209 5020 5019 4941 { up }
31209 5031 5152 4952 { up }
41209 5037 5252 4958 { up}
71209 5037 5182 4958 { up}
81209 5037 5119 4958 { up}
91209 5037 5094 4958 { up}
101209 5037 5098 4958 { up}
111209 5037 5120 4958 { up}
141209 5037 5145 4958 { up}
151209 5037 5140 4958 { up}
161209 5073 5090 5052 {up }
171209 5073 5032 5132 {up }
181209 5073 4998 5130 {up }
211209 5073 4978 5121 {up}
221209 5043 4955 5092 {up}
231209 5043 4955 5092 {up}
241209 5043 5032 5013 {up}
291209 5066 5175 5036 {up}
301209 5085 5279 5066 {up}
311209 5085 5277 5085 {up}
40110 5093 5250 5064{up}
50110 5102 5236 5073{up}
60110 5129 5283 5100{up}
70110 5130 5323 5101{up}
80110 5130 5308 5101{up}
110110 5130 5283 5101{up}
120110 5133 5263 5116{up}
130110 5161 5243 5129{up}
140110 5214 5214 5201 {up}
150110 5232 5232 5210{up}
180110 5232 5248 5210{up}
190110 5247
200110 5257 5268 5276 {up}
210110 5257 5223 5276 {up}
220110 5236 5144 5256 {up}
250110 5161 4995 5185 {don}
270110 5143 4921 5167 {don}
280110 5106 4823 5130 {don}
290110 5090 4798 5113 {don}
10210 5067 4775 5090 {don}
20210 5067 4795 5090 {don}
30210 5067 5090 {don}
40210 5061 4897 5090 {don}
50210 5051 4901 5083 {don}
60210 4975 4755 5001 {don}
80210 4914 4694 4981 {don}
90210 4866 4663 4915 {don}
100210 4810 4722 4897 {don }
110210 4799 4800 4860 {don}
150210 4799 4828 4853 {don}
160210 4799 4840 4853 {don}
170210 4799 4853 4755 {don}
180210 4816 4912 4772 {don}
190210 4816 4930 4772 {don}
220210 4816 4895 4772 {don}
230210 4816 4772 {don}
240210 4823 4848 4772 {don}
250210 4842 4857 4772 {don}
260210 4848 4863 4806 {don}
20310 4850 4909 4809 {don
30310 4903 5010 4872 {don}
40310 4932 5104 4900 {up}
50310 4962 5152 4919{UP}
80310 4970 5148 4931{UP}
80310 16796 16975 16683 {UP}
90310 4990 5155 4951{UP}
90310 16796 16811 1683{UP}
100310 4990 5140 4951{UP}
110310 4990 5138 4967{UP}
110310 16837 16538 16907{UP}

sam said...

sir
i have a problem
when cnbc organises a camp at jaipur u r not availabe!
and at every other place ur there!
please come to jaipur we are waiting!!!!!!!

arif said...

book the loss

arif said...

book the loss

dha said...

Dear Tushki
As you sold Banknifty @ 8500, your ideal stoploss should have been jsut above the breakout level of 8600-8620. Current market price indicates that you were wrong , you should accept it and close the position.

gulshan said...

Exit short position, enter again in the direction of trend, which is up till now. For the short term, todays breakout may take it upto 9350-9500, as it has completed Inverted H&S pattern and price has come out of pattern.

rajamani said...

8500 was the breakout point. trading strategies should be must before jumping to trade.now book loss,if he has enough fund try for some real estate stocks DLF looks good.as risk reward ratio is small . regards-rajamani

saket said...

well the trader shorted the bank nifty at 8500 on 26 /2 the bank nifty brokeout and had a buy signal that was were the trader should have got out.
The trader has already carried a position wth a huge loss which is not prudent but lookin at the trade i would not suggest the trader now to book the loss as the bank nifty has rallied and reached resistance levels and the markets have also rallied to the highs n 5250-5300 are resistance zones so the trader can probably hve a stoploss of 9350 on closing basis n hope the markets retrace down from there n then exit.

saravanan said...

hi Tushki,

make a hedge in next month bank nifty future.when the trend changes to negative in eod chart close the buy position and carry the short position.

If it is possible try selling the another lot when turns down and make the average move up.

In this way your MTM money will be saved.

all the best!

Vishal Agarwal said...

Dear Trader,

Exit your bank nifty future short position immediately. Bank Nifty was a breakout at 8600 - 8700 levels and also completed its inverted head & shoulder target. Please follow stoploss very strictily. As per Sudarshan sir identify a Hammer Pattern on monthly charts after a decline, means you should cover your shorts and wait for decline to buy it a lower levels.

Technical Analyst said...

Stop Trading At all.........

Raj_arora said...

Dear Sir,

Nifty and bank nifty are at their upper band, I will suggest remaining short / roll over and if possible averaging it by adding one more short at 9300+ level, and wait for market to correct on any negative news … (like Dubai, Greece or any new destination may pop up any time), it may take 20-30days.


I would like to share my experience:
In early Feb I bought 3 lots of March bank nifty at 8125 level, and recently booked profit at 9180. Now, I am short with one lot at 9206, and may add couple of more shorts at 9300 and 9400 levels, and wait for markets to consolidate.

I am not a professional trader, trading is my hobby.

VIKRAM said...

Ignoring the mistake, i will suggest to hold this short with SL of 9350 on closing basis. Bank nifty has strong resistance at 9300-9350 on weekly chart. If respected will retrace to 8300-8500.If breakout happens target will be 10200-10300.

Please..please do not do what you did....it is a sin in trading. Where was you SL when you inititated this trade. Learn from this mistake and move ahead.