Nifty View for 01.07.2013

Nifty futures started the July series with a bang a huge gap up and then sustaining the gains of the day throughout the day. The close of week is at 5832.60 way up from the lows at 5556.60 in last series. We had observed the pivot for this series at 5786 and we got a close above it. So trend is positive for now and trend players may have got in at that level. Trend players can watch this level to hold positions with a suitable stop loss. For trend players the intermediate resistance is at 5901 so this level will be critical for them. On charts we see a breakout of the falling channel a welcome sign of relief for the bulls. Also all bottoms on charts marked in red arrows are higher bottoms so trend looks positive yet. 

Above hourly chart shows the MM levels for futures. On it we have supports at 5820 and resistance at 5859 and 5898. The level of 5859 is critical as last swing high was near to it. Below 5820 we have support at 5780 which is very near to our monthly pivot level. In all the levels of 5860-5900(current high at 5852 on Friday) look the deciding levels for the current trend. Observations on 27.06.2013 view are given here for reference. "We hit the 8/8 level nearly to complete the top and seem to be fighting for the 0/8 level of 5625. Closing above this level is important to start a recovery. Below this we have support at 5547 and above this resistance at 5703. So sustaining above the 1/8 level of 5703 we could see recovery up to 4/8 level of 5938 if it is a strong recovery."

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

Spot Nifty Levels for Trading on Monday :

No trade between 5823 and 5861(To avoid whipsaws)

Buy above 5861 sl of 5841

targets 5880-5899(add positions, breakout on the upside),

5918-5937-5956-5975-5994.

Sell below 5823  sl of 5843

targets 5804-5785(add positions,breakout on the downside)

5766-5747-5728-5709-5690.

Happy Trading !!! 

Nifty View for 28.06.2013

Nifty futures opened with a huge gap at 5639.40 and then made a high of 5702.90 and closed the day at 5682.50. The volatility index dropped nearly 2.2 percent today to close at 18.85 from a high of 21.07. To day we made a run to the top of the channel. Now further strength will be seen on breakout of the channel and sustaining above it. Indicators are showing some improvement but need more confirmation. 

Yesterday we had seen the Murrey Maths levels on futures and observed recovery above 5625 and we hit the next level on the hourly chart of 5703(high at 5702.90) and then closed below it. So for tomorrow we need to sustain above the 5703 level with resistance at 5781 and supports at 5625. 

The expiry for June series was at 5682.35. For July series we have pivot at 5786. For July series trend players can be positive above 5786 on futures with monthly resistances at 6015 and 6348. Below 5786 the monthly supports are at 5453 and 5224. Short term trend resistance are 5901 and 6015 and supports are at 5619 and 5483. Use these levels for trend determination and take positions accordingly with suitable stop loss.

Intraday traders can look at the levels on nifty futures given below to trade on Friday.

 NiftyFuture Levels for Trading on Friday :

No trade between 5667 and 5705(To avoid whipsaws)

Buy above 5705 sl of 5685

targets 5724-5743(add positions, breakout on the upside),

5762-5781-5800-5819-5838.

Sell below 5667  sl of 5687

targets 5648-5629(add positions,breakout on the downside)

5610-5591-5572-5553-5534.

Happy Trading !!! 

Nifty View for 27.06.2013

Nifty futures again gave up the gains at the end of the day to close at 5577.55 at the lows of the day which was at 5571. Price failed to move towards the top of the channel. Indicators are not showing any momentum to support the price action. Still the low of Monday is till protected on the downside and which will be critical for the recovery as and when it happens. For expiry the fight seems between the 5600 levels of puts and calls(above 5600 ?). Recovery seems to be after expiry looking at the built at 5700CE levels.

Above chart shows Murrey maths levels for hourly futures. We hit the 8/8 level nearly to complete the top and seem to be fighting for the 0/8 level of 5625. Closing above this level is important to start a recovery. Below this we have support at 5547 and above this resistance at 5703. So sustaining above the 1/8 level of 5703 we could see recovery up to 4/8 level of 5938 if it is a strong recovery. Intraday traders can look at the levels on spot nifty given below to trade on Thursday.

Spot  Nifty Levels for Trading on Thursday :

No trade between 5572 and 5609(To avoid whipsaws)

Buy above 5609 sl of 5589

targets 5628-5647(add positions, breakout on the upside),

5666-5685-5704-5723-5742.

Sell below 5572  sl of 5592

targets 5553-5534(add positions,breakout on the downside)

5515-5496-5477-5458-5439.

Happy Trading !!! 

Nifty View for 26.06.2013

Nifty futures remained in the green zone after initial sideways mode but gave up the gains at the end of the day to close at 5608.30. The low today at 5568.55 was higher than the low on Monday at 5556.60 and also the high of today at 5667.55 was higher than high on Monday at 5628. The Friday high of 5682 if crossed tomorrow will open the rise up to 5750-5830-5867 levels. For this the low of 5556.60 should not be broken. On charts we see the price action within the channel so no immediate danger to the downside.

Above hourly chart for futures if we sustain above the red line within the falling yellow channel we try to hit the top of the channel. RSI needs to cross the 55 level for momentum. MACD should move above the zero and sustain above it on this time frame. MFI is showing positive divergence lets us observe if it materialises soon. Use the levels given below to trade with divergence for maximum results. 

Spot  Nifty Levels for Trading on Wednesday :

No trade between 5590 and 5628(To avoid whipsaws)

Buy above 5628 sl of 5608

targets 5647-5666(add positions, breakout on the upside),

5685-5704-5723-5742-5761.

Sell below 5590  sl of 5610

targets 5571-5552(add positions,breakout on the downside)

5533-5514-5495-5476-5457.

Happy Trading !!! 

Nifty View for 24.06.2013

Nifty futures opened weak for the start of the week at 5628 and it was the high of the day. The futures then corrected to a level of 5556.60 and some recovery was seen at the end of the day with the close at 5600. The net loss was at 62 points from Friday's close. On charts we have again hit the bottom of the channel and bounced back. For recovery we need to break out of this falling channel. Indicators do not show any recovery signs yet so playing for the channel tops and bottoms is the strategy. Trend players can be positive above 5697 with supports at 5508 and resistance at 5804. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday. 

Spot  Nifty Levels for Trading on Tuesday :

No trade between 5572 and 5609(To avoid whipsaws)

Buy above 5609 sl of 5589

targets 5628-5647(add positions, breakout on the upside),

5666-5685-5704-5723-5742.

Sell below 5572  sl of 5592

targets 5553-5534(add positions,breakout on the downside)

5515-5496-5477-5458-5439.

Happy Trading !!! 

Nifty View for 24.06.2013

Nifty futures had a recovery after a low of 5613.90 and closed the week at 5661.85. This series from a high of 6119 we have made a low of 5613.90 and had a swing of nearly 500 points. We have closed below our second monthly support of 5697. So for any recovery we need to move above this level. Above 5697 we have intermediate resistance of 5803. Staying below 5697 we are open to 5508. For Monday one can be positive if we sustain above 5697 till expiry. Prices are within the falling channel and near its bottom. RSI is showing slight divergence but needs to move and sustain above 34 and go to next resistance of 55. MFI is flat so selling pressure is reducing and is near its old lows. MACD has to move above the neutral level of zero to provide strength for the recovery if it materialises.

Weekly chart above does not give the confidence of recovery yet. We are below the falling trend line connecting the tops of 5 weekly bars. Bollinger bands first deviation level is at 5814 and for recovery we need to cross this on the weekly charts. The support on  weekly Bollinger bands is at 5405. Trend players can be positive above 5697 with suitable stop loss. Intraday traders can look at the levels on spot nifty given below to trade on Monday.

Spot  Nifty Levels for Trading on Friday :

No trade between 5649 and 5687(To avoid whipsaws)

Buy above 5687 sl of 5667

targets 5706-5725(add positions, breakout on the upside),

5744-5763-5782-5801-5820.

Sell below 5649  sl of 5669

targets 5630-5611(add positions,breakout on the downside)

5592-5573-5554-5535-5516.

Happy Trading !!! 

Nifty View for 21.06.2013

Nifty futures opened very weak on global clues and lost nearly 180 points at the end of the day. On charts we see futures opened below the dotted line marked on chart and hit the bottom of the channel for the third time. The close is below the level of 5697 our second support level of this series. Below this level we have intermediate support at 5508 and third monthly support is at 5319. For recovery of any kind we need to sustain above the level of 5697 consistently on the futures.

Lets look at the weekly chart posted on weekend to look at the medium term frame. The negative divergence on RSI and MFI has played very well with the fall showing its might.On weekly bollinger bands we support coming at 5410 and also the red trendline confirming it. The falling trendline has been the resistance catching almost every top of last few weeks.  Trend players had been warned below 5803 and should have benefited with the open around 5750 levels. 

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

Spot  Nifty Levels for Trading on Friday :

No trade between 5637 and 5675(To avoid whipsaws)

Buy above 5675 sl of 5655

targets 5694-5713(add positions, breakout on the upside),

5732-5751-5770-5789-5808.

Sell below 5637  sl of 5657

targets 5618-5599(add positions,breakout on the downside)

5580-5561-5542-5533-5514.

Happy Trading !!! 

Nifty View for 20.06.2013

Nifty futures had a choppy day again and recovered at the end of day to close at 5823.45 after making a low of 5776.15. The recent closes for futures have been above the level of 5803 our intermediate support. So we need to watch the futures if they close below this level. The next resistance level is at 5910 and close above this may see further recovery. Below 5803 we are again open for downside with support level no 2 for this series at 5697. So use these levels for trend determination. Intraday traders can use the levels on spot nifty given below to trade on Thursday.

Spot  Nifty Levels for Trading on Thursday :

No trade between 5803 and 5841(To avoid whipsaws)

Buy above 5841 sl of 5821

targets 5860-5879(add positions, breakout on the upside),

5898-5917-5936-5955-5974.

Sell below 5803  sl of 5823

targets 5784-5765(add positions,breakout on the downside)

5746-5727-5708-5689-5670.

Happy Trading !!! 

Nifty View for 20.06.2013

Nifty futures had a choppy day and opening gap down and staying in the red for the whole day with a brief green in the midst of it. The close is at 5811 and is above the the level of 5803. The consolation is we made a higher high at 5867.40 and higher low at 5800.20. So tomorrow we need to observe this level no 1 support of 5803 for this series. Staying above this level may see another attempt for recovery with resistance at 5910. On indicator's front we have RSI up and MFI showing some signs of participation  but needs more confirmation. MACD is yet to reverse and is below the neutral level of zero. Intraday traders can watch the levels on spot nifty given below to trade on Wednesday.

Spot  Nifty Levels for Trading on Wednesday :

No trade between 5795 and 5830(To avoid whipsaws)

Buy above 5830 sl of 5810

targets 5849-5868(add positions, breakout on the upside),

5887-5906-5925-5944-5963.

Sell below 5795  sl of 5815

targets 5776-5757(add positions,breakout on the downside)

5738-5719-5700-5681-5662.

Happy Trading !!! 

NIFTY VIEW FOR 18.06.2013

Nifty futures opened with a small gap up and then dipped in red to make a higher low of 5770 and then again turned to green to make a higher high of 5852 and closed the day at 5847.75. On charts futures recovery is on with the test coming at channel top. Now the support level of 5910.35 will be the resistance and intermediate level of 5803.55 will be the support. On indicators front,  RSI has moved up at 44.2 from 34 levels having resistance at 55. MACD is yet to turn up and MFI is flat so some worries here for trend. MFI has to confirm the up trend. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday. 

Spot  Nifty Levels for Trading on Tuesday :

No trade between 5831 and 5869(To avoid whipsaws)

Buy above 5869 sl of 5849

targets 5888-5907(add positions, breakout on the upside),

5926-5945-5964-5982-6001.

Sell below 5831  sl of 5851

targets 5812-5793(add positions,breakout on the downside)

5774-5755-5736-5717-5698.

Happy Trading !!! 

Nifty View for 17.06.2013

Nifty futures opened up with a huge gap and formed a island reversal formation and made a high of 5823.45 and close the week at 5801.25. On charts we see the open was within the channel and above the dotted line  sure buy for intraday. For Monday one can be positive above the dotted line for targets of the top of the channel. On indicators lot, MFI is flat and yet to show a reversal. RSI has turned up and moved above the level of 34 and needs to sustain above it. MACD is below zero so is cause for worry for the trend. It should move and stay put above the neutral level of zero. Trend players can use the main levels given earlier for trend catching. The level of 5791.25 is the level to watch there. Intraday players can look at the levels on spot nifty given below to trade on Monday.

Spot  Nifty Levels for Trading on Friday :

No trade between 5789 and 5827(To avoid whipsaws)

Buy above 5827 sl of 5807

targets 5846-5865(add positions, breakout on the upside),

5884-5903-5922-5941-5960.

Sell below 5789  sl of 5809

targets 5770-5751(add positions,breakout on the downside)

5732-5713-5694-5675-5656.

Happy Trading !!! 

Nifty View for 14.06.2013

Nifty futures opened gap down and made a new low at 5692.25 and closed the day in negative at 5702. Below the 61.8% level of 5791.50 it was negative and was short of 25 points near the 78.6% retracement level of 5668 mentioned earlier. Now the 5668 is critical on the downside and for recovery to start we need to close at least above 5791.50. In between these level we are sideways on the futures. On charts we need to trade above the dotted and try to stay in the channel. Indicators show no strength yet with RSI moving below 34 and it should move above 34 for recovery. MFI is flat and near the lows and need to be watched for positive divergence. MACD is at zero so neutral and is the last after RSI to give the trend direction. Intraday traders can look at the levels on spot nifty to trade on Friday.

Spot  Nifty Levels for Trading on Friday :

No trade between 5680 and 5718(To avoid whipsaws)

Buy above 5718 sl of 5698

targets 5737-5756(add positions, breakout on the upside),

5775-5794-5813-5832-5851.

Sell below 5680  sl of 5700

targets 5661-5642(add positions,breakout on the downside)

5623-5604-5585-5566-5547.

Happy Trading !!! 

Nifty View for 13.06.2013

Nifty futures had another red day and hit a new low at 5747.20 and closed the day at 5776.90. On charts we hit the dotted line and the channel bottom. So technically the short trade target for the channel bottom is achieved. The close below the level of 5791.50 the 61.8% retracement level  is negative for the index. So for tomorrow watch this level for intraday trading. All indicators are at crucial levels and need to be watched. Staying within channel and bouncing from the bottom will see recovery. Breaking the channel on the downside and closing below it will be continuing the downtrend. Trend players can use the main levels. Intraday traders can look at the levels on spot nifty given below.

Spot  Nifty Levels for Trading on Wednesday :

No trade between 5741 and 5779(To avoid whipsaws)

Buy above 5779 sl of 5759

targets 5798-5817(add positions, breakout on the upside),

5836-5855-5874-5893-5912.

Sell below 5741  sl of 5761

targets 5722-5703(add positions,breakout on the downside)

5684-5665-5646-5627-5608.

Happy Trading !!! 

Nifty View for 12.06.2013

Nifty futures opened weak and stayed in red for the day making a new low of 5793.60. The sideways zone of 5910 to 5992 was never touched today. As mentioned below 5910 we may see more downside has materialised today in a big way after few days of breaching this level. On charts we see below the critical level marked nifty futures have moved to downside within the channel and are approaching the bottom of the channel. The probable level of channel bottom is marked in dotted on chart and we are very near to it. On indicators front we see RSI reaching the level of 34 after breaching 55 and staying below 34 will see more downside. MFI the early indicator has hit the 20 level and is near its bottoms and needs to be watched carefully for early reversal signal.  MACD has come to the neutral level of zero and needs to be watched from here. The low of 5510 was reached on futures on 10.04.2014 and high of 5246.65 was reached on 20.05.2013 so the range was nearly 737 points. The fibo retracement of 50% was at 5878.50 (hit on 06.06.2013) . Breach of this we had targets of 61.8% retracement at 5791.50( nearly hit today with low at 5793.60). So watch this level of 5791.50 for support if any recovery is seen. Below this level we have next retracement coming at 78.6% at 5668 on the futures. The rise has taken 26 trading days. The fall is in its 16th day. The ratio of trading days comes to 16/26=0.615. The price fall is 6246.65-5793.60=453.05 points , so ratio of fall is 453.05/736.65=0.615. So price and time have maintained their ratio. Trend traders can use the main levels as we hit the level of 5804 below 5910 given in earlier updates. Now below the intermediate level of 5804 we have the support level no 2 for this series at 5697. Intraday traders can look at the level on spot nifty given below to trade on Wednesday.

Spot  Nifty Levels for Trading on Wednesday :

No trade between 5770 and 5808(To avoid whipsaws)

Buy above 5808 sl of 5788

targets 5827-5846(add positions, breakout on the upside),

5865-5884-5903-6011-6030.

Sell below 5770  sl of 5790

targets 5751-5732(add positions,breakout on the downside)

5713-5694-5675-5656-5637.

Happy Trading !!! 

Nifty View for 11.06.2013

Nifty futures failed to cross 5992 level so no recovery yet on it. The level of 5910 to 5992 is sideways zone and we are moving in this zone for few days. Below 5910 we are open to more downside up to 5804. Today we hit another low of 5867.25 and closed the day at 5906. Nothing to add for trend players. Intraday traders can use the levels given below on spot nifty to trade on Tuesday.

Spot  Nifty Levels for Trading on Tuesday :

No trade between 5859 and 5897(To avoid whipsaws)

Buy above 5897 sl of 5877

targets 5916-5935(add positions, breakout on the upside),

5954-5973-5992-6011-6030.

Sell below 5859  sl of 5879

targets 5840-5821(add positions,breakout on the downside)

5802-5783-5764-5745-5726.

Happy Trading !!! 

Nifty View for 10.06.2013

Nifty Futures started the day in red,  recovered to make a high of 5990( near our intermediate support) and then again went into red to make a low of 5883.10 and closed the week at 5898.85. The monthly pivot for June series is  at 6074 and below it the trend is negative. Staying below 5910 will be negative for the trend. Moving above the  level of 5992 will have chance of recovery to hit 6074. Above 6074 we can positive on futures for this series. The low for May series had been at 5878.95 on 30.04.2013 and low for this series is at 5878.30 made on 06.06.2013. The level of 5878 is very critical for this series because below this level we have intermediate support at 5804.  The current move is well within the falling channel and needs to breakout of this channel for further momentum. Indicators are not showing any reversal signs yet so trading for the channel will be the strategy. For any recovery chances we need to close above the critical level marked on chart and then cross the resistance level in red on chart.

The weekly chart shown above shows the resistance hit at the second deviation at 5221 and we moving down from there with support coming at first deviation at level of 5809, if weakness continues. The indicators RSI and MACD both showing negative divergences on the weekly chart. MFI also hit the falling trendline resistance. For any recovery for the futures MFI has to cross this resistance. Staying above the 60 level will be bullish for the futures.

Trend traders can use the main levels given for the month. Intraday traders can look at the levels on spot nifty given below to trade on Monday.

Spot  Nifty Levels for Trading on Monday :

No trade between 5862 and 5900(To avoid whipsaws)

Buy above 5900 sl of 5880

targets 5919-5938(add positions, breakout on the upside),

5957-5976-5995-6014-6033.

Sell below 5862  sl of 5882

targets 5843-5824(add positions,breakout on the downside)

5805-5786-5767-5748-5729.

Happy Trading !!! 

Nifty View for 07.06.2013

Nifty futures opened in red and remained in red for noon and then recovered to move in green and again closed in neutral zone. The close for last 4 days has been between 5935 to 5960. Today was a inside day with today's range was in between the range of yesterday. But today we made a lower low again which is not good for recovery.  On charts we are still struggling to close above the critical level marked on chart. The  downward move is still within the channel and yet to hit the bottom of the channel. Indicators are not showing any strength so the reversal is not yet ascertained. Trend traders can look at the main levels for the series. Intraday traders can look at the levels on spot nifty given below to trade on Friday.

Spot  Nifty Levels for Trading on Friday :

No trade between 5902 and 5941(To avoid whipsaws)

Buy above 5941 sl of 5921

targets 5960-5979(add positions, breakout on the upside),

5998-6017-6036-6052-6071.

Sell below 5902  sl of 5922

targets 5883-5864(add positions,breakout on the downside)

5845-5826-5807-5788-5769.

Happy Trading !!!