Nifty View for 29.10.2012

Nifty Futures have closed the week at 5704 below our pivot level of 5747 which is negative for the short term. The above chart shows regression channels on the daily futures whose centre line is at 5244. The upper bands are at 5433-5622-5810-5999. The lower bands are at 5057-4870-4680-4492. The current action is between the bands of 5622 and 5810 so the trend on daily is up. The breakout can be considered on breach out of this band i.e. positive above 5810 and negative below 5622.

The above chart shows the regression bands on the hourly futures whose centre line is at 5737. The upper bands are at 5793-5845-5900-5955. The lower bands are at 5682-5629-5575-5517. The current action is between 5682 and 5737 so the hourly trend is down and will turn up on the cross of 5737.

The above chart shows the regression bands on the 15 minute future whose centre line is at 5609. The upper bands are at 5639-5665-5694-5724. The lower bands are at 5580-5551-5523-5494. The current action is between 5694 and 5724 so the intraday trend is up and breakout can be considered above 5724.

Intraday traders can look at the levels on spot nifty to trade on Monday given below.

No trade between 5646 and 5683(To avoid whipsaws)

Buy above 5683 sl of 5663

targets 5702-5721(add positions, breakout on the upside),

5740-5759-5778-5797-5816.

Sell below 5646  sl of 5666

targets 5627-5608(add positions,breakout on the downside)

5589-5570-5551-5532-5513.

Happy Trading !!!