Nifty View for 01.08.2013

Some respite in the intensity of the fall on futures saw it recovering some losses to the end of the day. The low of today was at 5715 which was just below our monthly level 1 support of 5739.25. So level 1 target achieved today. Earlier we had level 1 resistance target achieved at 6007.40. Now we are above the level 1 support of 5739.25 with the close at 5776.15. So if we sustain above 5739.25 we could expect the pivot of 5923.25 as resistance. If we break down this level then next intermediate support comes at 5655.15. So watch these levels given for this time frame.

Nifty futures 4 hourly chart with MM levels saw the level of 5781 broken and hit the level of 5703 nearly with actual low at 5715. So below 5703 we continue the down trend. Between 5703 and 5781 we are sideways and above 5781 we start the recovery with initial resistance at 5859 and then 5938. So watch these levels for this time frame.

On the hourly futures we see the price action hitting the green symmetrical channel bottom and then reversing. So watch this channel bottom, if not broken then we could move to the horizontal line shown on chart as resistance. The vertical lines show the positive divergence seen on all indicators with MFI being the prominent one. So use the green channel for trading on this time frame.

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 5723 and 5761(To avoid whipsaws)

Buy above 5723 sl of 5761

targets 5780-5799(add positions, breakout on the upside),

5818-5837-5856-5875-5894.

Sell below 5723  sl of 5743

targets 5704-5685(add positions,breakout on the downside)

5666-5647-5628-5609-5590.

Happy Trading !!!  

Nifty View for 31.07.2013

Nifty futures had a another down day with lows at 5787.30 and closed the day at 5803.10. Today's high was at 5905 which was open invitation for shorts for intraday which below yesterday's high of 5924.(Series of lower tops at 6099,6029,5974,5924,5905 excellent shorting opportunities for a keen eye followed by lower bottoms at 6006,5935,5907,5787). We had our monthly pivot at 5923 and critical level for any recovery move to start. We have our level one support at 5739 which is important after hitting the level one resistance at 6091( actual high at 6139.85) earlier. So below 5739 we see downtrend continuing for this time frame with intermediate supports coming at 5655 on monthly levels.

Nifty 4 hourly chart with MM levels we have nearly hit the 5781 level (actual low at 5787.30) which was support. So use this level as pivot with resistance at 5859 and support at 5703 on this time frame.

Nifty futures hourly chart show we could not the middle green line and was negative for the day. We have hit the yellow channel bottom. Breaching the yellow channel could lead us to bottom of lower green channel. RSI divergence has not worked but MFI is still showing a big divergence on this time frame. Also MFI is the early one to give divergence so we need to watch price carefully on this time frame. RSI is bottoming out near the past lows, so risk reward ratio for shorts has reduced drastically. The fall is of 352 points against the rise of 535 points a retracement ratio of  66 percent i.e 2/3 level approx. But the fall is at a faster rate in 5 days so the momentum is on the downside. So use stop loss for your trades prudently and as per your risk appetite.

Intraday traders can use the levels on spot nifty given below to trade on Wednesday.

Spot Nifty Levels for Trading on Wednesday :

No trade between 5736 and 5774(To avoid whipsaws)

Buy above 5774 sl of 5754

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

5831-5850-5869-5888-5907.

Sell below 5736  sl of 5755

targets 5717-5698(add positions,breakout on the downside)

5679-5660-5641-5622-5603.

Happy Trading !!!  

Nifty View for 30.09.2013

Nifty futures could not cross the pivot at 5923 so chances of recovery for today were nil. The high of today was at 5924 and previous close was at 5925.50. So no question of being bullish and recovery. If we cross and sustain above 5923 then we have intermediate resistance at 6007 as per our monthly levels. The monthly levels have intermediate supports at 5831.25 and we reached the level of 5871. So we need to watch the level of 5831 on the downside if it continues down further. Use this levels on this time frame and other levels given earlier for this time frame.

Nifty futures on 4 hourly chart with MM levels shows support at 5859 and we have hit 5871 today. So for tomorrow watch this level as pivot with resistance at 5938 and support at 5781 on this time frame.

Nifty futures on hourly chart we see price below the top green channel. RSI and MFI are showing divergence on this time frame so we need to observe them further for any bounce back. For any meaningful bounce back we need to cross the horizontal line shown on chart. 

Intraday traders can use the levels on spot nifty given below to trade on Tuesday.

Spot Nifty Levels for Trading on Tuesday :

No trade between 5813 and 5951(To avoid whipsaws)

Buy above 5851 sl of 5831

targets 5870-5889(add positions, breakout on the upside),

5908-5927-5946-5965-5984.

Sell below 5813  sl of 5833

targets 5794-5775(add positions,breakout on the downside)

5756-5737-5716-5697-5678.

Happy Trading !!!  

Nifty View for 29.07.2013

Nifty futures had a break in the fall at the end of the week and may possibly see some recovery( up to 6006 ?) ahead. The price action has closed below the rising channel for the second day and is against the trend. I have marked a symmetrical channel on chart to observe the symmetry of price further. RSI and MFI have shown some pause in the rise. Awesome has two red bars which is against the trend. MACD is above neutral line so we need to observe it further. We need to observe if the price back tests the yellow channel bottom in this recovery or not. Price has closed above our pivot of 5923 so staying above this level is critical. Fall below 5923 could lead up to 5786.

The 4 hourly chart with MM levels shows below the 5938 level which is very critical for this time frame. This will act as pivot for this trend. with resistance at 6016 and supports at 5859. 

The hourly chart with awesome oscillator shows some red bars at the end of the day and is below the neutral level. RSI and MFI seems to have formed a bottom but need to be watched carefully for any reversal. MACD is below the neutral level but is always last to turn around. On price action the green channel needs to be watch ed further where we are above or below the middle green ( top green channel bottom). The horizontal level shown on chart is important for the trend and we need to move above it for 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 5867 and 5905(To avoid whipsaws)

Buy above 5905 sl of 5885

targets 5924-5943(add positions, breakout on the upside),

5962-5981-6000-6019-6038.

Sell below 5867  sl of 5887

targets 5848-5829(add positions,breakout on the downside)

5810-5791-5772-5753-5734.

Happy Trading !!!  

Nifty View for 26.07.2013

Nifty futures continued the correction by breaching the channel and closed below it. The low made on July expiry is at 5899.05 and the expiry is at 5907.50.  Last month's pivot was at 5786 and August series pivot is 5923. So below 5923 we need to watch 5786. The major resistance levels for August series are 6091.50 and 6275.50. The major supports for August series are 5739.25 and 5571. The intermediate resistances for this series above 5923 are 6007 and 6091.50. The intermediate supports for this series below 5923 are 5831.25 and 5739.25. The August series close is at 5945.50 so watch the 5923 level critically as below this we are negative for this series on this time frame.

The 4 hourly chart for futures shows the breach of 5938 in this chart as this is for July series. For the next week we need to stay above the 5938 be positive with resistance at 6016-6094 and support at 5859-5781 on this time frame. As 4/8 level is 50% level so 5938 is critical for any recovery chances.

On the hourly chart we breached the horizontal support line of yesterday and hit the bottom of green channel and also the symmetrical yellow channel. The green channel bottom is critical for recovery breach of it may continue the downtrend. Both yellow and green symmetrical channels are added to catch the symmetry of price actions. Indicators have come down significantly on this time frame and need to be watched for any bounce back possible.

Trend traders need to watch the monthly levels for whole series and compare the last few months results. Intraday traders can use the levels on nifty futures given below to trade on Friday.

Nifty Futures Levels for Trading on Friday :

No trade between 5926 and 5965(To avoid whipsaws)

Buy above 5965 sl of 5945

targets 5984-6003(add positions, breakout on the upside),

6022-6041-6060-6079-6098.

Sell below 5926  sl of 5946

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

5869-5850-5831-5812-5793.

Happy Trading !!!  

Nifty View for 25.07.2013

Nifty futures opened gap down to make a low of 5971.20 and closed the day at 6004.40. Profit booking was seen from yesterday after hitting 6100 levels for the first time. We are flirting with the channel bottom and the same was breached intraday. But yet no confirmation from any of the indicators for reversal so we may need further confirmation. The level to watch on downside is 5938 for this time frame which will create some doubts for this trend.

Nifty future 4 hourly chart with MM levels has breached the support level of 6016 and was negative for intraday. For recovery we need to cross and close above 6016 on this time frame.

Hourly charts for futures show the green channel top made and the breaking of middle yellow channel. The price has hit the horizontal line and taken support on it. Now we need to held this support for any recovery. Breach of this support may take to the bottom of the green channel which is very critical for this trend. For intraday we need to trade above the horizontal line.

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

Spot Nifty Levels for Trading on Thursday :

No trade between 5971 and 6010(To avoid whipsaws)

Buy above 6010 sl of 5990

targets 6029-6048(add positions, breakout on the upside),

6067-6086-6105-6124-6143.

Sell below 5971  sl of 5991

targets 5952-5933(add positions,breakout on the downside)

5914-5895-5876-5857-5838.

Happy Trading !!!  

Nifty View for 24.07.2013

Nifty futures opened with a gap up and made a high of 6107.25 and closed the day at 6085.90. Nifty futures has made a new swing high at 6107.25 today from the swing low of 5572 made on 24.06.2013. Its a swing of 535.25 points in 21 trading days a rise at a rate of  25.48 points per day. From the top of 6256 on 20.05.2013 to low of 5572 on 24.06.2013 we had a swing of 684 points in 25 trading days a fall of 27.36 points per day. So time will square on 29.07.2013 and price will square at 6256. So lets watch it further. On price action we are within the channel. Indicators are not against the trend yet on this time frame so trend continues.

On the 4 hourly chart for futures we hit another resistance level of 6094 and closed below it. So above 6094 we are positive on this time frame. Resistance at 6172 this level is a major level i.e. 7/8 level which is often when trend changes. Now support is at 6016. In between these two levels trend is sideways and below 6016 we are negative on this time frame.

On the hourly time frame chart with awesome indicator we are again at the bottom of the yellow channel for few days and we are moving out of it. Another symmetrical channel is drawn on chart to use the symmetry of the price action. Now the major channel seems to be the green channel where we are at the top of it. If we break out of this channel then the trend may see momentum. 

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

Spot Nifty Levels for Trading on Wednesday :

No trade between 6058 and 6097(To avoid whipsaws)

Buy above 6097 sl of 6077

targets 6116-6135(add positions, breakout on the upside),

6154-6173-6192-6211-6230.

Sell below 6058  sl of 6078

targets 6039-6020(add positions,breakout on the downside)

6001-5982-5963-5944-5925.

Happy Trading !!!  

Nifty View for 23.07.2013

Another choppy day for nifty futures with close slightly negative at 6038.45. We are at the same position on charts at this time frame. So use yesterday view for tomorrow.

Nifty futures on 4 hourly chart again emphasizes the 6016 as the critical level. Resistance at 6094 and support at 5938 on this time frame. 

The hourly chart of futures with awesome indicator has been again choppy for the trade with the indicator hovering around the zero level with alteration of red and green bars. RSI and MACD are sideways. MFI has corrected a lot and we need to watch for a significant bottom on it. 

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 6012 and 6051(To avoid whipsaws)

Buy above 6051 sl of 6031

targets 6070-6089(add positions, breakout on the upside),

6108-6127-6146-6165-6184.

Sell below 6012  sl of 6032

targets 5993-5974(add positions,breakout on the downside)

5955-5936-5917-5898-5879.

Happy Trading !!!  

Nifty View for 22.07.2013

Nifty Futures had a choppy session with negative close at 6036.40. It was a strong close on weekly basis. The weekly resistance level of 6015 is still critical for this trend and sustaining above it will make chances of further recovery strong. On price action we still maintaining the rising channel which good for the trend. Indicators are not showing any reversal signs on this time frame.

Nifty futures on 4 hourly MM levels charts show the close above the 6016 critical level which is the 5/8 level. Next we have 6/8 level at 6094 for this time frame and supports at 4/8 level which is 50% level at 5938 below which we are negative on this time frame.

On the hourly futures chart with awesome indicator the trend has been choppy and difficult to trade on this time frame. RSI, MFI and awesome indicator are sideways with positive bias. MACD is still above the neutral level. We are currently following the yellow channel and staying in it is positive for the trend. Break out of the yellow channel we need to watch the yellow horizontal line and then the green channel bottom. Break out of the green channel on the upside will be more positive confirmation.

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

Spot Nifty Levels for Trading on Monday :

No trade between 6010 and 6049(To avoid whipsaws)

Buy above 6049 sl of 6029

targets 6068-6087(add positions, breakout on the upside),

6106-6125-6144-6163-6182.

Sell below 6010  sl of 6030

targets 5991-5972(add positions,breakout on the downside)

5953-5934-5915-5896-5877.

Happy Trading !!!  

Nifty View for 19.07.2013

Nifty had a good recovery at the end of the day with the close at 6060.20.  Price has retained the channel and is moving up within it. We have sustained above 6015 so the trend is up on this time frame.

On the 4 hour chart with MM levels we have crossed the 6016 and closed above it. Next resistance level above this level is 6094.

On the hourly chart of futures with awesome indicator we are seeing a symmetrical channel followed with the bottom formed exactly at the bottom of the identical channel. Price moving up the indicators have improved a lot on this time frame. So as long we retain the channel the trend is positive on this time frame.

For trend traders we see have closed above the monthly resistance of 6015 which is positive. The intermediate resistance is at 6182 above 6015 level. Intraday traders can look at the levels on spot nifty given below to trade on Friday.

Spot Nifty Levels for Trading on Thursday :

No trade between 6019 and 6057(To avoid whipsaws)

Buy above 6057 sl of 6037

targets 6076-6095(add positions, breakout on the upside),

6114-6133-6152-6171-6190.

Sell below 6019  sl of 6039

targets 6000-5981(add positions,breakout on the downside)

5962-5943-5924-5905-5886.

Happy Trading !!!  

Nifty View for 18.07.2013

Nifty futures had another volatile day with high and low at 5998.50 and 5932.05 and closed the day at 5969. We could not cross the 6015 level today so the trend is sideways on this time frame. We are still at the bottom of the channel and need more confirmation for any signs of reversal.

The 4 hourly chart for MM levels shows that the resistance is at 6016 and important level to watch for this trend on the upside. Staying above the 5938 is critical for this trend. Below 5938 the trend is down on this time frame.

The hourly chart with awesome oscillator shows that we closed below the horizontal line marked on chart so a negative close for this time frame. Tomorrow above the 5966 level we are positive. We also closed below the red trend line and need to creep above it for recovery chances. 

Intraday traders can use the levels on spot nifty given below.

Spot Nifty Levels for Trading on Thursday :

No trade between 5954 and 5993(To avoid whipsaws)

Buy above 5975 sl of 5955

targets 6012-6031(add positions, breakout on the upside),

6050-6069-6088-6107-6126.

Sell below 5954  sl of 5974

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

5897-5878-5859-5840-5821.

Happy Trading !!!  

Nifty View for 17.07.2013

Nifty futures had a bad day out with the gap down opening to make a low of 5844 and close at 5979.05. The banking sector got hammered today with the Index suffering from it. We are still in the channel so still hopes of recovery are on.  Indicator do not show any panic on this time frame yet. 

Nifty futures on 4 hourly MM levels chart we had observed the level of 6016 as critical. The breach of this level took us lower to the level of 5938. For further strength we need to regain the 6016 level.

On the hourly chart of futures with awesome oscillator we are now following the lower red trend line. There is negative divergence nearly on all indicators whose effect is seen with today's open.  On this time frame sustaining above the horizontal trend line is the key. Use 5966 as the pivot for intraday tomorrow on this time frame.  

Intraday traders can use the levels on spot nifty given below to trade on spot nifty on Wednesday.

Spot Nifty Levels for Trading on Wednesday :

No trade between 5936 and 5975(To avoid whipsaws)

Buy above 5975 sl of 5955

targets 5994-6013(add positions, breakout on the upside),

6032-6051-6070-6089-6108.

Sell below 5936  sl of 5956

targets 5917-5898(add positions,breakout on the downside)

5879-5860-5841-5822-5803.

Happy Trading !!!  

NIFTY VIEW FOR 16.07.2013

Nifty futures had a negative start for the day but then recovered in the afternoon to make a high of 6044.75 and closed the day at 6031.25.  The price action is within the channel on this time frame so the trend is intact yet. Nothing on the indicator's front to doubt the trend. 

The 4 hourly MM levels chart shows the important level of 6016 and we have closed above it. The futures need to sustain above this level for further strength and improvement. 

The hourly futures chart with awesome oscillator shows trend continuation after some sideways movement. The price action has left the original channel and is currently following the red trend line.  Moving back into the original channel will add strength to the trend. Use the horizontal line for caution for this trend. 

Intraday traders can look at the levels on spot nifty to trade on Tuesday.

Spot Nifty Levels for Trading on Tuesday :

No trade between 6011 and 6050(To avoid whipsaws)

Buy above 6050 sl of 6030

targets 6069-6087(add positions, breakout on the upside),

6106-6125-6144-6163-6182.

Sell below 6011  sl of 6031

targets 5992-5973(add positions,breakout on the downside)

5954-5935-5916-5897-5878.

Happy Trading !!!