hitendravasudeo

 Dated 20/05/2023 Contrarian Pivot Trading Strategy Available on F&O Trading Sheet Live. F&O Trading Sheet NF BNF FUTURES Basket based on Cash Price of for Intra-day. Can be applied on Futures and Cash. The Execution can be in Futures, ATM Call or PUT when the conditions are fulfilled.

  NIFTY PE now in overbought zone after the breakout from the inverted head and shoulder on NIFTY PE. The effect can carry the NIFTY PE towards 22.60. Since RSI of NIFTY PE is in overbought zone it could be peak or spike to 22.60 and peak out. This only indicates that Nifty could be running into the upper end of the current cyclical up move. Traders can look out of swing top formation on NIFTY. On EOD chart 18200 is critical. During market time NIFTY is registered a gap down today and low till now during market time is 18194. On close below 18200 with bearish candle can mark a swing top.  If continues up and crosses the 2 days' high of 18389 then rise continues. Trend is up on Dynamic Trend and Lagging Trend irrespective of volatility. RSI on NIFTY is slipped a bit therefore critical to survive at the end of the day now with bullish candle. An Out Day will be required today to cross 18389 or show a breakout tomorrow or in next trading session above 18389.

 NIFTY PE BREAKOUT AND NOW RUNNING INTO OVERBOUGHT Breakout has been witnessed on the inverted head and shoulder pattern on NIFTY PE resulting into overbought on RSI. The target implication can be towards 22.61 from current level of 21.85. The level of 22.61 is the last peak when NIFTY PE was in overbought during the period October/November 2022. If 22.61 PE is tested, then NIFTY 50 correspondingly will be at 18798 or above. Therefore, this could mean NIFTY 50 will be attempting to test its earlier peak of 18887. NIFTY 50 could be running into the upper end of the cycle which may be extending as long as swing top is not formed. Swing top will be lower high and lower low in relation to its previous day movement with bearish candle like engulfing bear, dark cloud or evening star or evening doji star or long large black sell off candle. The dynamic trend is up, the lagging trend is up and the candle strength of different time frames like intra-week, intra-month and intra-quarter is up...