Nifty View for 31.08.2012

Spot nifty opened with a gap down at 5268.60 and made a low of 5255.05 and recovered nicely for the day to make a high of 5342.80 and closed the day at 5315.05. The correction got arrested at the levels between 5280 and 5250 at 5258.70 for nifty futures and closed the day at 5315.05. Battle between the 5300CE and 5300PE was won by 5300CE but the win was negligible with the option writers enjoying at the cost of the traders with 5300PE holders losing all the money. In the end the level of 5300 was defended for the series as we started the series at 5108.75 so a gain of 200 points roughly for this series. On nifty futures charts the level of 5352 will be a big resistance at the start of the series. One can expect more correction on breach of  5260 level up to 5200-5160 levels. Sustaining above 5352 will try to take out the next resistance of 5402.50 but its far away from here.  So in shorts no longs below 5352 for the nifty futures for trend traders. On charts the aqua channels will hold the key in the short term. Intraday traders can look the levels on spot nifty to trade on Friday.

No trade between 5297 and 5333(To avoid whipsaws)

Buy above 5333 sl of 5313

targets 5352-5371(add positions, breakout on the upside),

5390-5409-5429-5449-5469.

Sell below 5297  sl of 5317

targets 5279-5261(add positions,breakout on the downside)

5242-5224-5206-5188-5170.

Happy Trading !!!

Nifty View for 30.08.2012

Spot nifty opened at 5343.85 and made a high of 5345.50 and then moved in the red quickly. Another red day on trot for 5 days after a rise of 18 days. Spot nifty has lost 166 points against the rise of 416.20 points a net fall of 40%. The break of 5352 on nifty futures was critical and the momentum has picked up on the downside. The level of 5280-5250 could be probable area of the fall getting arrested. No meaningful recovery should be expected below the level of 5352 on nifty futures. Tomorrow being the expiry day the closing will be important for the next series. Tomorrow's battle could be for the 5300 level with both 5300CE and 5300PE fighting for survival. On charts above probable support zones are shown. Intraday traders can look at the levels on spot nifty to trade on Thursday.

No trade between 5270 and 5306(To avoid whipsaws)

Buy above 5306 sl of 5286

targets 5325-5344(add positions, breakout on the upside),

5363-5382-5402-5422-5442.

Sell below 5270  sl of 5290

targets 5252-5234(add positions,breakout on the downside)

5216-5198-5180-5162-5144.

Happy Trading !!!

Nifty View for 29.08.2012

Nifty opened near yesterday's close today but could not sustain it for long and dipped in the red zone soon..It tried to take out the close level twice but failed and drifted lower. Another attempt failed at 5343.65 around 3.00 pm.. Now the low of 5314 made around 2.00 pm is critical and needs to be held for any recovery.  The  chart of nifty futures show the current move on 30 minutes charts with fibo fans. The level of 5352 is now resistance with supports at 5314. Breach of 5314 may take us to 5268 on nifty futures. Sustaining above 5314 level nifty futures may make a comeback first taking out 5352 but the resistance of 5402.5 will be the main resistance for this trend. So one can expect sideways action between 5314 and 5402.50 on nifty futures. Today the premium of 5300CE was in danger and 5400PE gained value. Now will the situation reverse for tomorrow will be a good battle to watch. Intraday traders can watch the levels on spot nifty given below to trade on Wednesday. 

No trade between 5316 and 5353(To avoid whipsaws)

Buy above 5353 sl of 5333

targets 5372-5401(add positions, breakout on the upside),

5421-5441-5461-5481-5501.

Sell below 5316  sl of 5336

targets 5298-5280(add positions,breakout on the downside)

5262-5244-5226-5208-5190.

Happy Trading !!!

Nifty View for 28.08.2012

Nifty opened today at near the weekly close level and could not cross the high of Friday. The weakness continues for the day and achieved the projected target of 5350 nearly. Today's fall is not supported by volumes which needs to watched ahead. We are currently in the sideways range of 100 points from 5350 to 5450. It looks time for a bounce back if this bottom level of 5350 is held. The recovery may depend upon price action is supported by volumes or not. On the nifty futures charts we look to be nearing the horizontal channel support . This support if breached then nifty futures have supports at 5336-5312. The breach of 5312 will take us to the level of 5257 if the momentum continues on the downside. This move may take sometime with some bounce happening in between. As the expiry is nearing the premiums of the options need to be eroded turn by turn.(5400CE losing its value today.Who's next may be 5400PE ? Next 5300CE for expiry!!!  Who Knows? The option writer's hold the key and they seem to enjoy this last week trading sessions at the cost of traders who try their luck in these days . LOL ! ). The trend is still up which to be kept in mind as depicted by the rising channel. Currently we are poised at the centre of the rising channel. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.

No trade between 5332 and 5369(To avoid whipsaws)

Buy above 5369 sl of 5349

targets 5388-5407(add positions, breakout on the upside),

5427-5447-5467-5487-5507.

Sell below 5332  sl of 5352

targets 5313-5294(add positions,breakout on the downside)

5276-5258-5240-5222-5204.

Happy Trading !!!

Nifty View for 27.08.2012

Spot Nifty opened on Friday with a gap down at 5392.60 and was sideways for the whole day. It closed at 5386.70 very near the opening level after making a low at 5371. The positional stop loss was hit at 5388 with a weekly close below it. The trend is sideways between the levels of 5329 and 5402.50 on the spot nifty. The level of 5402.50 can again be used as a buy level with the same stop loss of 5388 by compulsory traders and safe traders can stay out within this range. As expiry is nearing the movement on nifty futures looks to be capped between 5350 to 5450 any breach of this range will mark a breakout on either side for the short term.. On charts above of nifty futures  the level of 5352 should be watched and looks achievable if the trend continues down. Break of this level will  see a faster fall on nifty futures up to 5267. Intraday traders can look at the levels on spot nifty given below to trade on Monday.

No trade between 5368 and 5405(To avoid whipsaws)

Buy above 5405 sl of 5385

targets 5425-5445(add positions, breakout on the upside),

5465-5485-5505-5525-5545.

Sell below 5368  sl of 5388

targets 5349-5330(add positions,breakout on the downside)

5311-5292-5274-5266-5248.

Happy Trading !!!

Nifty Hourly Chart Update 24.08.2012

MACD is still positive but RSI has dropped from 80 to 40 level. Breach of 40 RSI level will mark further weakness. Price action shows a breach of channel on price today....Positional stop loss of 5388 on stop loss should be kept in mind....

Happy Trading !!!

Nifty View for 24.08.2012

 Nifty opened with a gap up today at 5426.15 and made a new high of 5448.60 and then gave the gains to make a low at 5393.85 to close the day at 5412.35. First it has made a new high for this swing which is important. This is the third close above the 5400 level in a row which is also important.  Yet the momentum is lacking on the upside which is creating some doubts in the mind of trend players. On charts still everything looks fine only the short term averages in the cluster are near each other which should be watched. On Stochastics also the green red lines are close to each other. Now we need confirmation from the price action which way it wants to go. So trend players needs to watch the level of 5388 carefully at the end of the day. Intraday traders can look at the levels on spot nifty given below to trade on Friday.

No trade between 5398 and 5434(To avoid whipsaws)

Buy above 5434 sl of 5413

targets 5454-5474(add positions, breakout on the upside),

5494-5514-5534-5554-5574.

Sell below 5398  sl of 5418

targets 5378-5358(add positions,breakout on the downside)

5339-5320-5302-5284-5266.

Happy Trading !!!

Nifty View for 23.08.2012

Nifty opened gap down today at 5395.70 and was sideways for major part of the day within yesterday's close. It made a new high late in the day at 5433.50 but closed in red at 5412.85 with a loss of 8 points. The pivot for this rise is 5402 on the spot nifty and stop loss is at 5388. So till 5388 is not breached on closing basis this trend is in safe hands. Nothing has changed on charts above to warrant attention so the trend is on. Intraday traders can look at the levels on spot nifty to trade on Thursday.

No trade between 5395 and 5431(To avoid whipsaws)

Buy above 5431 sl of 5411

targets 5451-5471(add positions, breakout on the upside),

5491-5511-5531-5551-5571.

Sell below 5395  sl of 5415

targets 5375-5355(add positions,breakout on the downside)

5336-5317-5299-5281-5263.

Happy Trading !!!

Nifty View for 22.08.2012

Nifty looked rejuvenated from the Holidays and opened with a gap and maintained the gap for the day. The high for the day on spot nifty was 5425.15 and the low for the day was at 5368.70. Now this low of 5368.70  is important for the trend to be held and spot nifty should not breach it for the momentum to continue on the upside. The breakout came for spot nifty above 5402 level and we closed above it for the day at 5421.00. A close above 5400 is showing the inherent strength of the trend. Now on the upside the targets are 5438 and 5476 on the spot nifty and the stop loss is raised to 5382 for this breakout. Trend players can hold the spot nifty on this breakout until 5382 is held on closing basis. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.

No trade between 5403 and 5439(To avoid whipsaws)

Buy above 5439 sl of 5419

targets 5459-5479(add positions, breakout on the upside),

5499-5519-5539-5559-5579.

Sell below 5403  sl of 5423

targets 5383-5364(add positions,breakout on the downside)

5345-5326-5307-5288-5270.

Happy Trading !!!

NIFTY VIEW FOR 21.08.2012

Nifty on Friday made a new high at 5399.95 but could not cross the resistance of 5402 on the spot. The spot nifty has to cross this level to be positive. As mentioned earlier the zone between 5329 and 5402 is a consolidation zone for the spot nifty. Break of 5329 will make it susceptible to 5257 levels. Spot nifty still looks strong with a weekly close at 5366.30 against a last week close of 5320.40. The net rise may be small indicating pause or lack of momentum on the upside. On Nifty Futures charts its still near the upper band of Bollinger Band at 5467 and the middle band at 5256. The Murray Maths levels show the range at 5313 and 5469. On Stochastics no reversal signal yet so its a hold. The T3 indicator a cluster of averages show the levels of 5388,5369,5240,5143 and 5081. The cluster used is 13EMA to 233EMA and can be used as pivot ,resistances and supports. This cluster is also showing the lower term averages above the longer term. So no reversal of trend on this indicator also. Thus patience is required for the trend players to enter again on break above 5402 on the spot nifty. Intraday traders can look at the levels on spot nifty to trade on Tuesday. Monday being a Holiday levels are given for Tuesday.

No trade between 5348 and 5385(To avoid whipsaws)

Buy above 5385 sl of 5365

targets 5409-5423(add positions, breakout on the upside),

5442-5461-5480-5499-5519.

Sell below 5348  sl of 5368

targets 5329-5310(add positions,breakout on the downside)

5288-5270-5252-5234-5216.

Happy Trading !!!

Nifty View for 17.08.2012

Nifty opened today with a small gap and made a new high at 5390.65. It could not sustain it and immediately slipped into the red zone and remained there for the end to close at 5362.95. So the hurdle of 5402 remains on the spot nifty after attaining the target of 5380. As per our signal we are out of the market as our stop loss of 5366 was hit today. We may try to enter the markets again on a breakout above 5402 with stop loss of 5380 for further gains. Spot nifty has supports at 5329 which is required for this uptrend to continue. The zone between 5329 and 5402 is a no trade zone for trend players. Spot nifty staying between this zone will affect the options premiums seriously. Intraday traders can look at the levels on spot nifty given below to trade on Friday.

No trade between 5345 and 5381(To avoid whipsaws)

Buy above 5381 sl of 5361

targets 5400-5419(add positions, breakout on the upside),

5438-5457-5476-5495-5515.

Sell below 5345  sl of 5365

targets 5326-5307(add positions,breakout on the downside)

5285-5267-5249-5231-5213.

Happy Trading !!!

Nifty View for 16.08.2012

First of all I wish  " A Very Happy Independence Day' to all the blog readers. May this day remind us all of our duty to the Nation and strengthen our hands to take this Nation and with it the World to greater heights....

Now Nifty made a new high and hit the first resistance of 5380 with a high at 5387.05 and closed the day at 5380.35. For spot nifty closing above the 5380 level is significant with its first close above 5350 after missing it on Monday by a whisker. On charts the Bollinger top band is expanding with lower band remaining flat. Next resistance on spot nifty is 5402 and close above it will strengthen the trend. Now the 52 week high for spot nifty is the high made by it on 22 Feb 2012 at 5629.95. Spot nifty has closed above the 5400 levels for only 9 trading days from 14 Feb 2012 to 24 Feb 2012. Also the swing high before the 52 week high of 5629.95 of 22 Feb 2012 was at 5399.70 on 28 Oct 2011 which must be kept in mind. This makes the 5400 level more significant. Spot nifty has targets of 5476 above the 5402 level with 5439 as intermediate resistance. Stochastics is still in overbougt zone  but can remain there till the trend is strong. The support for this trend is now raised to 5366 on spot nifty. Intraday traders can look at the levels on spot nifty to trade on Thursday. 

No trade between 5362 and 5399(To avoid whipsaw)

Buy above 5399 sl of 5379

targets 5418-5437(add positions breakout on the upside)-

5456-5475-5494-5513-5532.

Sell below 5362  sl of 5382

targets 5343-5324(add positions breakout on the downside)

5305-5286-5268-5250-5232.

Happy Trading !!!

Nifty View for 13.08.2012

What a comeback by nifty in the last trading hour to close the day at 5347.90 after making a low at 5309.05. Incidently it was a higher low after Friday's low at 5294.10. Now looking back when spot nifty had a close above 5350 we get it as 03.04.2012(four months back) and before that on 21.03.2012.  We need now confirmation by taking out the resistance of 5380-5402 on the upside. On charts Bollinger bands show the upper band expanding more compared to the lower one. If the uptrend is continued then the price action should push this band higher to confirm it. Stochastics looks well settled in the overbought zone without any reversal signs. The support has moved up to 5329 now on the spot nifty. Intraday traders can look at the levels given below to trade on Tuesday.

No trade between 5330 and 5366(To avoid whipsaw)

Buy above 5366 sl of 5346

targets 5385-5404(add positions breakout on the upside)-

5423-5442-5461-5480-5499.

Sell below 5330  sl of 5350

targets 5311-5292(add positions breakout on the downside)

5274-5256-5248-5230-5212.

Happy Trading !!!

Nifty View for 13.08.2012

Nifty made a lower low on Friday at 5294.10 and had a lower close at 5320.40. The weekly close above 5313 is significant after breaching the 5300. Its shows strength in the trend which will be strengthened further by spot nifty closing above the 5350 levels. Spot nifty breaching the level of 5300 will make it susceptible to level of 5257.00. On the upside it has to cross the 5380-5402 hurdle with 5313 as pivot. On charts nothing has changed expect the lower low. Intraday traders can look at the levels on spot nifty to trade on Monday.

No trade between 5302 and 5338(To avoid whipsaw)

Buy above 5338 sl of 5318

targets 5357-5376(add positions breakout on the upside)-

5395-5414-5433-5452-5471.

Sell below 5302  sl of 5322

targets 5283-5265(add positions breakout on the downside)

5247-5229-5211-5193-5175.

Happy Trading !!!

Nifty View for 10.08.2012

Nifty could not make a new high today after opening with a gap at 5348.50 and made a lower high at 5368.20. It then drifted down slowly to make a low at 5312.10 and closed shops at 5322.95. Nifty needs a close above 5350 level to show strength further and also should not close below 5300. Today it touched the first support level of 5313 and next support is at 5272 below 5300. On charts Nifty future is showing some exhaustion or pause after this rally yet in positive zone. Stochastics is still in overbought zone and has not signalled any reversal. Intraday traders can look at the levels on spot nifty to trade on Friday.

No trade between 5305 and 5341(To avoid whipsaw)

Buy above 5341 sl of 5321

targets 5360-5379(add positions breakout on the upside)-

5398-5417-5436-5455-5474.

Sell below 5305  sl of 5325

targets 5286-5268(add positions breakout on the downside)

5250-5232-5214-5196-5178.

Happy Trading !!!

Nifty View for 09.08.2012

Nifty made a new high today at 5377.60 and closed the day at 5338.00. After making a new high it could not sustain it and is near to the yesterday's close of 5336.70. Today's low and high are important for the short term and breach of that on either side will decide the trend. On charts for nifty future the level of 5391 is the resistance and 5313 is the support. The stochastics is still in overbought zone and no reversal yet on it. Intraday traders can look at the levels on spot nifty to trade on Thursday.

No trade between 5320 and 5356(To avoid whipsaw)

Buy above 5356 sl of 5336

targets 5375-5394(add positions breakout on the upside)-

5412-5431-5450-5469-5488.

Sell below 5320  sl of 5340

targets 5301-5283(add positions breakout on the downside)

5271-5253-5241-5223-5205.

Happy Trading !!!

Nifty View for 08.08.2012

Nifty had a wow day today as it made a new swing high at 5350.10 and closed the day at 5336.70. As mentioned yesterday history repeated itself after a month or so. Only difference is that it made a slight higher high but the close is lower at 5336.70 than the close of 5345.35 of 10.07.2012. On charts nifty hit the Bollinger bands and closed a little lower. Stochastics is in the over-bought zone yet no reversal signal is formed on it. But it can remain in this overbought zone if the move is strong enough. This is where levels become important while trading and setting targets. Currently it looks like a double top on spot nifty on today's close. Further momentum on spot nifty will be seen if it sustains above the 5350 levels. Supports at 5329 on spot nifty with 5300 being crucial for this trend. Resistance on spot nifty appears at 5403-5476 ahead. Intraday traders can look at the levels on spot nifty given below to trade on Wednesday.

No trade between 5318 and 5355(To avoid whipsaw)

Buy above 5355 sl of 5335

targets 5374-5393(add positions breakout on the upside)-

5411-5430-5449-5468-5487.

Sell below 5318  sl of 5338

targets 5299-5281(add positions breakout on the downside)

5269-5251-5239-5221-5203.

Happy Trading !!!

Nifty View for 07.08.2012

Nifty opened with a gap at 5260.85 and made a high of 5293.20. It moved to make a low of 5260.85 and closed the day at 5282.55. Spot nifty has closed above the level of 5257 which is good for short term traders. Level of 5257 if held may take it to test the earlier high of 5348.55 which within a striking distance. On 09.07.2012 spot nifty made a high of 5300.60 and closed at 5275.15. We are currently at the same level after a month. It made the high of 5348.55 next day and closed at 5345.35 on 10.07.2012. Lets see if history repeats itself or not tomorrow. Above chart is for Nifty futures with immediate resistance at 5313 and 5357 with supports below 5257 at 5234 and 5211. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday.

No trade between 5264 and 5301(To avoid whipsaw)

Buy above 5301 sl of 5281

targets 5319-5338(add positions breakout on the upside)-

5357-5376-5395-5414-5433.

Sell below 5264  sl of 5284

targets 5246-5228(add positions breakout on the downside)

5210-5192-5174-5156-5138.

Happy Trading !!!

Nifty View for 06.08.2012

Nifty recovered the opening loses on Friday after making a low of 5164.65 and managed to close the week at 5215.70. In the past week spot nifty has maintained the closing level around the 5200 mark. So a weekly closing above this 5200 level on spot nifty is significant. Now weekly low of 5129.75 and high of 5246.35 become important. In between this range spot nifty may try to consolidate. Breakout will happen as when spot nifty moves out of this range. Bigger range happens to be between 5032 and 5348.55. Till we are within this bigger range it will only erode the option premiums. Intraday traders can look at the levels on spot nifty to trade on Monday.

No trade between 5198 and 5234(To avoid whipsaw)

Buy above 5234 sl of 5214

targets 5252-5270(add positions breakout on the upside)-

5288-5306-5324-5342-5360.

Sell below 5198  sl of 5218

targets 5180-5162(add positions breakout on the downside)

5144-5126-5108-5090-5062.

Happy Trading !!!

Nifty View for 03.08.2012

Nifty had a break on the rise with a first negative close at 5227.75. Spot nifty has  supports at 5192 and 5141 on the downside. The resistance on the upside looks to be 5257 and 5280 with 5220 as pivot. Spot nifty should take out 5300 soon to maintain this momentum. Stochastics has reached the 80 levels with MFI and RSI flattening showing a pause on price action. Intraday Traders can look at the levels on spot nifty given below to trade on Friday.

No trade between 5210 and 5246(To avoid whipsaw)

Buy above 5246 sl of 5226

targets 5264-5282(add positions breakout on the upside)-

5300-5318-5336-5354-5372.

Sell below 5210  sl of 5230

targets 5192-5174(add positions breakout on the downside)

5156-5138-5120-5102-5084.

Happy Trading !!!