Sumit Verma Profile picture
Sep 12, 2018 28 tweets 16 min read Read on X
Today 4/5 guys are calling a market Bottom. #Nifty

They must be really smart if that happens.
Now at 11375 .... #Nifty .. 5/5 guys are saying Nifty bottom done.
Now at 11275 again... 5/5 guys are silent about their LONGs.. #NIFTY

(75min chart of Nifty attached) Image
3/5 guys now says Selling is almost over. We must see a strong rebound (looking at US and Nikkie rally yesterday). #BearTrap scenario.
Expiry should be between 11400-11500.
#Nifty
Today @ close.. 5/5 guys were silent. But @ 5pm after looking at USDINR and India's 10 year Bond yield.. They say "Now the bottom done for Nifty.... finally!!!! ".

Note:
USDINR at 15:30pm - 72.84, at 17:00pm - 72.38
10yr Yield at 15:30pm - 8.13%, at 17:00pm - 8.07%
Nifty: 11234
4/5 guys say the Rising GAP will not be filled. Hold long view.

Rising gap on 27 July 2018:
Range 11181-11225.25
#Nifty low 11171.90

All 5/5 guys stopped out.
#nobody talking now.
Revised:

#Nifty low 10866 (cmp 11111)

5/5 guys do not want to talk today. 🤦🏻‍♂️
Breadth (Nifty 500 Stocks):
Advances(500)118
Declines(500)382

Avg. of all stocks:
Nifty100-1.4%
Midcap150-2.1%
Smallcap250-3.4%

> +3% (500):18
< -3% (500):201
#Nifty 75 min chart update Image
#Nifty weekly chart (as of now) Image
#Nifty 500 index daily chart - Showing Breakdown failure confirmation

#Nifty weekly 40SMA is at 10790 ImageImage
#Nifty500 chart - 10 SMA as trend signal Image
#Nifty - completed 30 days below 20 SMA, which is the longest number of days in terms of streak post 2008. Charts of 2018 and 2008 attached. ImageImageImage
#Nifty weekly chart Image
#Nifty weekly setup looks similar to an historical instance. (just an observation) Image
Updated chart #Nifty weekly Image
Daily charts of #Nifty and #BankNifty - One is at support and one is near Breakout. ImageImage
Updated chart of #Nifty and #Banknifty (reversal levels marked)

10800-11000 is a resistance zone. ImageImage
Updated Chart of #Nifty and #Banknifty (Resistance Zone of 10800-11000 was well respected multiple times) ImageImage
Updated charts: #Nifty and #Banknifty ImageImageImageImage
Updated charts of Daily and Weekly timeframe of #Nifty and #Banknifty ImageImageImageImage
Updated charts of Weekly timeframe of #Nifty , #Banknifty and #MIDCAP ImageImageImage
Uptick in Volatility #NIFTY Image
#NIFTY : The analog of 2014 is matching with 2019
Observation: Post ELECTION result, market did not see any directional trend for next 10 days in 2014. Image
Updated chart: #NIFTY Image
#NIFTY Updated chart. Image
#NIFTY updated chart Image

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More from @sumitverma29

Jun 22, 2020
It is said that Bull Market climbs the wall of worries...

Happening across many markets...

#Copper is one of them too..
Chart Pattern resembles an old one from history

Post 5th breakout higher high, S&P never looked back. ImageImage
Updated chart of #Copper...

Today at 5th Breakout level ImageImage
Update on #Copper...

5th breakout happened...
(Similar to #1987 #S&P500 chart)

Copper Uptrend is Bullish signal for Emerging Markets. ImageImage
Read 12 tweets
Jun 16, 2020
Lesson from recent past.

BALAKOT Airstrike did not trouble market much, I am confident that Indo-China border tussle may not too.

Note: 20 day Average True Range for #NIFTY is 260pts (CMP 9914)

Hence, will maintain 9600 as trigger level to change stance. #NIFTY
Update on #Nifty chart

4th Higher High formation
No weakness in volume to assist divergence
20Day ATR now 250pts (ATR falling means low volatile zone in an Uptrend which is bread butter for Trend Followers)

My view: Bullish as there is no sign of weakness yet.

TREND is UP Image
Update on #Nifty and #Banknifty chart.

I cannot see any sign of weakness externally or internally anywhere.
Prices are rising hence TREND is up.

It is as simple right now.

Current view: Bullish

(Nifty is UP +557pts since Indo-China tussle) Image
Read 52 tweets
May 26, 2020
Today headline Index was weak but breadth was pretty good both on price as well as volume side. #Nifty Image
Breadth do speak.. we just need to hear them well.. #Nifty Image
Breadth... Breadth... Breadth... most important momentum tool for me.. always.. #NIFTY Image
Read 5 tweets
May 23, 2020
#LetsLearn

Earlier I explained how to make charts cleaner by using Two day Swing Lines & today I explained how to identify Relative Highs & Relative Lows in an objective manner
Link1:

Link2:

1/n
#LetsLearn

Now I will try to show how to make a TRADING system out of the two....

Tools used:
Relative High AND Low identifier (N=10) and
Two day Swing Lines

.....2/n
#LetsLearn

Further to the above thread to find trade setups using the above mentioned tools.

Topic: Identifying "TREND FOLLOWING trade setups" using Top-Down approach

- Weekly and Daily charts are taken with Relative Highs and Relative Lows marked (parameter N=5)

..contd..
Read 7 tweets
May 23, 2020
A thread on how to Define correct Swing Highs / Lows for the purpose of Dow Theory analysis or drawing Trendlines:

Thomas DeMark in his book "The New Science of Technical Analysis" said that drawing
of trend lines is a highly arbitrary process. 1/n
A trend line is typically intended to connect
several Relative Highs or Relative lows. If there are two or more such points, the trend line can be drawn
precisely. (notes from Jack Schwager's book "The Complete Guide to the Futures Market").. 2/n
Relative high is a High that is higher than high on the N prior & N succeeding bars.
where N is a number of bars (can be anything as per individual's setup 5 / 10 / 20...)

if N = 5, Relative High is Current High > last 5 days & succeeding 5 days. Viceversa for Relative Low.. 3/n
Read 10 tweets
May 17, 2020
Further to my initiative of #LetsLearn where my objective is to de-code complex things & make things simple and available for analysis...
Today, I will try to make a complex looking chart into a clean & simple one (only useful for people who are PATTERN based trader/analyst)..1/n
amazon.in/Pring-Price-Pa…

Further as disclaimer, the presented way will be more useful for people who have followed Martin Pring's book on chart patterns.. (images taken from Kindle version of the book)
The below are Candlestick charts of #NIFTY50.. a lot of times market moves inside a range throwing multiple Bullish/Bearish candlestick patterns and adds up the clutter in analysis (Pro Candlestick / Bar / short term traders wont have a problem) but for others it is a confusion..
Read 12 tweets

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