At the end of this September expiry let us look at the big picture for Nifty. Above chart shows channels on nifty from Oct 2007 low, November 2010 high, December 2011 low and June 2012 low. The bigger channel is a rising channel so trend is up from October 2007 lows. Second channel is sloping down so the trend was down from November 2010. Third and fourth channels from December 2011 and June 2012 shows us the trend is up. The short term channel is currently showing resistance but the bigger channel centre line looks to be the long term resistance. It would be interesting to watch the action on Nifty at that juncture. For October series the pivot on nifty future is at 5625 and resistance on the upside are 5776-5929 and support on the downside are 5476-5329. Intraday traders can look at the levels on nifty futures given below to trade on Friday.
No trade between 5661 and 5709(To avoid whipsaws)
Buy above 5709 sl of 5689
targets 5728-5747(add positions, breakout on the upside),
5766-5785-5804-5823-5842.
Sell below 5661 sl of 5681
targets 5652-5634(add positions,breakout on the downside)
5615-5596-5577-5559-5540.
Happy Trading !!!
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