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 !!!
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.