Nifty View for 26.08.2013

Nifty futures opened above the earlier close of 5408.45 giving a positive start for the day and made a low of 5370.30 and high of 5467.95 to close the week at 5460.70. The panic low being at 5200(not reliable) but low of 5250 on 22.08.2013 needs to be watch for further downside. The range of 5250 to 5500 will be consolidation zone with target up to 5750 for this expiry. Anything above this is sheer out-performance. Lets see where we are on our monthly levels for August series. The bottom was around the 5218.75 level which the support level no 3 observed as extreme level. Next resistance of 5395 taken out as we have closed above it. So use this as pivot for expiry with 4 days left keeping 5571 as resistance and 5218 as support for this time frame.

Nifty futures 4 hourly chart for futures with MM levels shows the resistance of 5469 was not crossed at the close of the week. Use this level as pivot for expiry with resistance at 5625 and support at 5313 on this time frame.

Nifty futures hourly chart with awesome shows green at the end of week and it closed above the neutral zone so some positive sentiments prevailing here. We bounced back from the channel bottom so the initial target is channel top. Watch the level of green at 5501 which needs to be crossed for further gains. The next level of resistance is at green level coming at 5752. For this time frame use 5450 as pivot with resistance at 5525 and support at 5375. Below 5375 we have negative bias for this trend. Sustaining above 5525 will bring in more positiveness for this trend. With expiry looming ahead take your profits off the tables as per your risk profile.

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 5453 and 5490(To avoid whipsaws)

Buy above 5490 sl of 5470

targets 5519-5538(add positions, breakout on the upside),

5557-5576-5595-5614-5633.

Sell below 5453  sl of 5473

targets 5434-5415(add positions,breakout on the downside)

5396-5377-5358-5339-5320.

Happy Trading !!!