Nifty again today opened with a gap at 5490.55 but could not sustain the higher levels at 5499.40 and moved down to make a low of 5438 and closed the day at 5463.90.Nifty has retraced the 61.8% level at 5456 and closed above it.Next target can be at 78.6% of 5534.Above the level of 5534 we can target the high of 5629.95. The fibonacci fan from high shows resistance at the 61.8% level on weekly charts.Sustaining above this level can targets the 78.6% level at 5860.The weekly momentum is positive after a fall of 3 weeks in a row.Nifty has covered most of the lost ground in single week which signifies the momentum.The weekly ADX shows + DI moving up and -ve DI turning down.Now the momentum indicator has to turn up for further rise on nifty.Intraday traders can look at the levels below to trade on 15.03.3012 given below on spot nifty.
Spot Nifty levels for intra-day trade on 15.03.2012
No trade between 5445 and 5482(to avoid whipsaws)
Buy above 5482 with SL of 5462
for targets of 5500-5518(breakout level on the upside,add positions) 5537-5555-5573-5581-5599-5617.
No trade between 5445 and 5482(to avoid whipsaws)
Buy above 5482 with SL of 5462
for targets of 5500-5518(breakout level on the upside,add positions) 5537-5555-5573-5581-5599-5617.
Sell below 5445 with SL of 5465
for targets of 5427-5409(breakdown level on downside, add positions)5391-5373-5355-5338- 5320- 5302.
Happy Trading !for targets of 5427-5409(breakdown level on downside, add positions)5391-5373-5355-5338- 5320- 5302.
Dear Sir,
ReplyDeleteBased on what you taught me I have made this analysis, please do let me know if this is okay.
The nifty made a top at 6338.5and the low of 4531.15 the total fall is 1807 points (6338-4531=1807). Now by dividing 1807 by 8 gives you 225.87 round it off to 226. Currently nifty is moving in the range of 226 points, we need to watch the following levels on the nifty
1. 4531+226 = 4757
2. 4757+226 = 4983
3. 4983+226 = 5209
4. 5209+226 = 5435
5. 5435+226 = 5661
6. 5661+226 = 5887
7. 5887+226 = 6113
8. 6113+226 = 6339
Once again take the range 6338-4531 = 1807 /8 = 226, now take the square root of 226 which is 15.033 round it off to 15. Therefore nifty makes a turns every 15 days, nifty made a top of 5629.95 on 22nd February 2012 and a low of 5171.15 on 7th March 2012 which is 15 days based on this assumption we can predict the next turning point will come on either march 21st or march 22nd2012 and the higher price on the nifty you can see is 5887 if nifty closes above 5573 by the 16th march 2012 or you can see the lower price of 4983 if it closes below 5288 by the 16th March 2012.
Based on the following analysis the strategy I have gone long on nifty the moment nifty spot closing above 5435 (50%)today bought one lot nifty @5475 and hold it for targets of 5850 with a stop loss @5325 & bought 5800 CE @ 17rs and 5400 PE @60rs for a total of around rs 15000 and hold it till 22nd March .
Please do let me if I am on the right track because my only doubt right now is nifty is in overbought position and if nifty goes down before going up my loss will be more than 50% of my investment?
Any suggestion is most welcome from you Sir
regards
vasanth
Hi Vasantji,
ReplyDeleteReplied you on your gmail address...
Regards
K B Raut