Monday, July 8, 2013

Nifty View for 09.07.2013


Nifty futures had a another whipsaw day with a gap down of 38 points and then making a low of 5772.60 and again recovering the losses of the day to close at 5834 with net loss of 41 points. The range has been between the 5900 and 5760 levels for the futures. Nothing has changed drastically here on the daily chart and will need something more concrete to go against the trend.


On the hourly MM levels charts we had observed that below 5820 we will be negative and today we went below it to achieve the target if 5781 and then recovered to close at 5834. For tomorrow we need to sustain above 5859 for recovery and staying below 5820 will be negative.


The hourly chart of futures with awesome oscillator shows the whipsaws formed at this time frame in last few days. All the indicators were showing negative divergence and we got the gap down today as a result. These indicators need to cross the falling trend line to negate this divergence. On price we need to cross the horizontal line for confirmation of trend on the upside. 

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

Spot Nifty Levels for Trading on Tuesday :


No trade between 5793 and 5831(To avoid whipsaws)


Buy above 5831 sl of 5811


targets 5850-5869(add positions, breakout on the upside),


5888-5907-5926-5945-5964.


Sell below 5793  sl of 5813


targets 5774-5755(add positions,breakout on the downside)


5736-5717-5698-5679-5660.


Happy Trading !!!  

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

My Blog List