Warning Signs on BANK NIFTY

Bank Nifty has made an all time  High of 11110.95 (Futures)  and is now down to 10741.  Price candle has formed a Dark Cloud Cover  RSI is over bought and STS is giving a sell in the OB region.



Although the BNF is in uptrend but all this reminds you to be on your guards.  10250-10200 is the key level to watch.  If Bank Nifty fails to take support at these levels and drops further down  we can see the formation of Wolve Wave on the weekly charts  point 5 & 6 are marked on the charts we can see levels as low as 8000 approx.

The above view holds if we happen to close below 10200.  The chart posted is weekly chart for Bank Nifty.

Happy Trading !

BREAKOUT STOCK

Mercator Lines (MLL) is on the verge of breakout. Keep a close eye once it closes above 55.00 take a long position.

It can TGT 56.75 > 60.40>62.75>72.10 
Short Term SL 52.20
Mid Term SL 49.60

As I write this it is trading at 54.55 with 1.1 million shares already traded.  Suggestive of positive closing at the end of the day.


Happy Trading !

JESSE LIVERMORE ON TRADING

Speculating

If somebody had told me my method would not work I nevertheless would have tried it out to make sure for myself, for when I am wrong only one thing convinces me of it, and that is, to lose money. And I am only right when I make money. That is speculating.

Entry

When I’m bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don’t buy long stocks on a scale down, I buy on a scale up.

Loss

A loss never bothers me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does damage to the pocketbook and to the soul.

Risk

If all I have is ten dollars and I risk it, I am much braver than when I risk a million if I have another million salted away.

Personality

Every stock is like a human being : it has a personality – a distinctive personality – aggressive, reserved, hyper, high-strung, volatile, boring, direct, logical, predictable, unpredictable. I often studied stocks like I would study people; after a while their reactions to certain circumstances become more predictable.

BREAKOUT IN KAVERI SEEDS

Kavri seeds has given a BO. One can buy it with SL 302.