Condition 1... Market move up.
Condition 2... Market moves down.
Condition 3... Market move up and start falling down.
Condition 4... Market move down and start rising up.
Condition 5... Market remain flat and moves in tight range.
In all these condition Intraday setup is stealing good trading opportunity everyday. Any how it will give you atleast one trade opportunity in a day along with, it will keep you away also from unnecessary trading.
Good luck.
NIFTY X- RAY REPORT FOR 31 DEC
Fiscal cliff is on the way so volatility will remain live for next few week. Nifty is facing resistance on the falling trend line as shown in chart below. A bullish harami candlestick pattern has formed on nifty EOD chart which is bullish signal for the coming days. But as per chart pattern it is confirmed that nifty is in its forth wave therefore volatility may remain continue till it complete its time and price correction. As per Elliott wave theory nifty may correct till 5750 also in this wave. Long term lower rising trend line is also coming near 5740 so touching of this level in jan series can't rule out. After that a jump to 6200 is on the card. Forth wave trading is really will be difficult for aggressive traders. Nifty is trading in a triangle pattern and 5910 is resistance of this triangle and it should be break this level for next up move.
According to option open interest data 5800 put and 6000 call has highest open interest data indicating the possible volatile range of nifty. Any change in OI data may give fresh indication of nifty.
Suggestion - trade Intraday till next two week otherwise choppy market may chop up your profit. 5923 and 5946 is current resistance and 5893 and 5870 is current support on the chart.
Good luck.
