Nifty View for 31.05.2013

Nifty futures closed the May series at 6124.05 which is at the upper end of the range. On charts we are closing the near red line marked and need to sustain above it. June series pivot is at 6074. The resistance level no 1 and 2 are 6288 and 6453. The supports level no 1 and 2 are 5910 and 5697. The intermediate resistance levels are 6182 and 6288 for short term. The support level on intermediate basis for short term are 5992 and 5910. For the start of June series trend players can be positive above 6074 with suitable stop loss and use the resistance levels as targets. Indicators are not showing strength except MACD which is a cause for worry. Use the levels for trend trading. Intraday traders can use the levels on spot nifty given below for trading on Friday.

Spot  Nifty Levels for Trading on Friday :

No trade between 6105 and 6144(To avoid whipsaws)

Buy above 6144 sl of 6124

targets 6163-6182(add positions, breakout on the upside),

6201-6220-6239-6258-6277.

Sell below 6105  sl of 6125

targets 6086-6067(add positions,breakout on the downside)

6048-6029-6010-5991-5972.

Happy Trading !!! 

Nifty View for 30.05.2013

Nifty futures opened at high and went into red and stayed there for most of the day and made a comeback to the neutral line and again closed near it. The net loss was 24 points with close at 6085. This shows lack of commitment at higher levels with expiry looming overhead. Trend players can look to long above 5139 with suitable stop loss. 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 6085 and 6124(To avoid whipsaws)

Buy above 6124 sl of 6104

targets 6143-6162(add positions, breakout on the upside),

6181-6200-6219-6238-6257.

Sell below 6085  sl of 6105

targets 6066-6047(add positions,breakout on the downside)

6028-6009-5990-5961-5942.

Happy Trading !!! 

NIfty View for 29.05.2013

Nifty futures opened today at 6071 above our intermediate resistance and moved up to make a high of 6127 and closed the day at 6112. The level one resistance of 6139 is the hurdle and closing above it will be positive.On chart we have sustained above the critical level marked. Now we need to cross and stay above the red line fr further recovery. RSI and MFI both are not showing strength. MACD is also forming a top but still early to comment on it. Trend players can use the main levels given earlier. 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 6092 and 6131(To avoid whipsaws)

Buy above 6131 sl of 6111

targets 6150-6169(add positions, breakout on the upside),

6188-6207-6226-6245-6264.

Sell below 6131  sl of 6151

targets 6112-6091(add positions,breakout on the downside)

6072-6053-6034-6015-5996.

Happy Trading !!! 

Nifty View for 28.05.2013

Nifty futures today were in green for the full day with small red start for the day. Futures hit a high of 6100 and closed at 6068.75. The close is above the level one resistance of 6063 and needs to sustain above this for further recovery. The intermediate resistance is at 6139 and close above this will be positive. Trend traders can use the levels given earlier. Intraday traders can look at the levels on spot nifty given below to trade on Tuesday. 

Spot  Nifty Levels for Trading on Monday :

No trade between 6064 and 6103(To avoid whipsaws)

Buy above 6103 sl of 6083

targets 6122-6141(1add positions, breakout on the upside),

6160-6179-6198-6217-6236.

Sell below 6064  sl of 6084

targets 6045-6026(add positions,breakout on the downside)

6007-5988-5967-5948-5929.

Happy Trading !!! 

NIfty View for 27.05.2013

Nifty futures opened in the green and then then dipped in red to form a low at 5936.10 and then recovered for the day to close at 5990.90.  The low was near to our 5918 intermediate support. Now we need to watch the level of 6063 which is our level one resistance for this series. In between this levels we may see a sideways move with some consolidation. The downside needs to be watched at 5918 because below this level we have our monthly pivot coming at 5772. 

Another chart for futures showing the Bollinger Bands with supports and resistance on hourly time frame. The level one resistance at 6121 and support at 5751 and pivot at 5940. Watch all the indicators showing negative divergence for the impulse move. Trend players can use the levels above for trend following. 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 5964 and 6003(To avoid whipsaws)

Buy above 6003 sl of 5983

targets 6022-6241(1add positions, breakout on the upside),

6060-6079-6098-6117-6136.

Sell below 5964  sl of 5984

targets 5945-5926(add positions,breakout on the downside)

5907-5888-5867-5848-5829.

Happy Trading !!! 

Nifty View for 24.05.2013

Nifty futures opened at 6078 and a high of 6079 and breach the level one resistance of 6063 which was critical support for the trend. Now below this level of 6063 we have intermediate support of 5918. The rising channel was clearly broken today. We reached the critical level of 5952 on this chart. The rise was totally retraced today in less time period. Now we need to see if the momentum continues or the strength of the recovery as it when it happens. RSI has closed below 55 and need to cross this level again for any recovery. MFI should be watched at 40 and 60 levels now. MACD is yet to form a top but it takes time for reversal. So MFI once again proved its worthiness by giving early signal. Trend players can use the major levels given earlier for trend play.  Intraday traders can use the levels on spot nifty given below to trade on Friday.

Spot  Nifty Levels for Trading on Thursday :

No trade between 5948 and 5986(To avoid whipsaws)

Buy above 5986 sl of 5966

targets 6005-6024(add positions, breakout on the upside),

6043-6062-6081-6100-6119.

Sell below 5948  sl of 5968

targets 5929-5910(add positions,breakout on the downside)

5891-5872-5853-5834-5815.

Happy Trading !!!

Nifty View for 23.05.2013

Nifty futures open higher today made a high of 6154 and closed the day at 6111.65. The net fall was negligible which suggest lack of momentum on the downside. On price chart we are near the rising channel bottom and we need to close below it convincingly. The level of 6063 is critical on the downside. Nifty futures need to stay above the 6139 level for recovery of loss from the recent highs of 6239. On indicators RSI is sideways and momentum on downside below 55 levels and upside above 68 levels. MACD is still to form a top so no trend reversal here. MFI is showing some negative divergence and is early as always but needs to go below the 40 levels for momentum. 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 6085 and 6124(To avoid whipsaws)

Buy above 6124 sl of 6104

targets 6143-6162(add positions, breakout on the upside),

6181-6200-6219-6238-6257.

Sell below 6085  sl of 6105

targets 6086-6067(add positions,breakout on the downside)

6048-6029-6010-5991-5972.

Happy Trading !!!

NIfty View for 22.05.2013

Nifty futures have retraced 110 points in two days from the high of 6239 yesterday. The break of second level resistance of 6216 and not sustaining above it showed the weakness. The trend strength can be seen above this level. The intermediate level of 6139 was also broken today with close at 6118.85. So for tomorrow positive above 6139 and weakness below it. The level one resistance at 6063 will be critical point for this trend. 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 6095 and 6134(To avoid whipsaws)

Buy above 6134 sl of 6114

targets 6153-6172(add positions, breakout on the upside),

6191-6210-6229-6248-6267.

Sell below 6095  sl of 6115

targets 6076-6057(add positions,breakout on the downside)

6038-6019-6000-5981-5962.

Happy Trading !!!

Nifty View for 21.05.2013

Nifty Futures made a new swing high at 6239 and closed the day at 6196.10. The low made was at 6154.35. The index needs to sustain above the level of 5216 for further rise. The level to watch on downside is 6139 for any reversal chances. Indicators are not showing strength but yet no divergences seen to make a reversal call. 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 6137 and 6177(To avoid whipsaws)

Buy above 6166 sl of 6146

targets 6177-6196(add positions, breakout on the upside),

6215-6234-6253-6272-6291.

Sell below 6137  sl of 6157

targets 6118-6099(add positions,breakout on the downside)

6080-6061-6042-6023-6004.

Happy Trading !!!

Nifty View for 20.05.2013

Nifty futures had a higher weekly close at 6194 with another high at 6209.20. We are near our second monthly resistance of 6216. This level should be watched carefully now. MACD is clearly making highs. RSI is near 68 levels and needs to move up for the trend. MFI is 60 levels and needs to show more strength. Trend traders can watch the trend levels given earlier. 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 6168 and 6207(To avoid whipsaws)

Buy above 6207 sl of 6187

targets 6226-6245(add positions, breakout on the upside),

6264-6283-6302-6321-6340.

Sell below 6168  sl of 6188

targets 6149-6130(add positions,breakout on the downside)

6111-6092-6073-6054-6035.

Happy Trading !!!

Nifty View for 17.05.2013

Nifty futures opened flat and made a new high of 6198 and closed the day at 6181. Momentum looks at peak with huge volatility. Price making new highs today all indicators moving up. MFI has turned up for the day and needs to be watched further for strength of trend. RSI ad MACD are flat and need to move for the trend. Use trend levels for tracking the trend. Intraday traders can use the level on spot nifty given below to trade on Friday.

Spot  Nifty Levels for Trading on Friday :

No trade between 6150 and 6190(To avoid whipsaws)

Buy above 6190 sl of 6170

targets 6209-6228(add positions, breakout on the upside),

6247-6266-6285-6304-6323.

Sell below 6150  sl of 6170

targets 6131-6112(add positions,breakout on the downside)

6093-6074-6055-6036-6017.

Happy Trading !!!

Nifty View for 16.05.2013

Nifty futures had a huge run today again but on the upside trapping the shorts out of the system. Nifty futures a new swing high at 6168.90 and closed the day at the higher end of the daily swing at 6161.00. The monthly resistance no 1 of 6063 was the level to watch for reversal and we are above it nearly 100 points on the future. We have crossed the intermediate resistance of 6139 and above it we have the second monthly level at 6216.00. So for tomorrow to be positive for intraday futures should stay above 6139. Trend traders can watch the level of 6063 as stop loss for the rise. MACD is strong in the indicator bunch. RSI has reversed and is at 68 levels. MFI is still down and needs to show some strength now to provide momentum for the trend. Intraday traders can use the levels spot nifty given below to trade on Thursday.

Spot  Nifty Levels for Trading on Thursday :

No trade between 6127 and 6166(To avoid whipsaws)

Buy above 6166 sl of 6146

targets 6185-6204(add positions, breakout on the upside),

6223-6242-6261-6280-6299.

Sell below 6127  sl of 6147

targets 6108-6089(add positions,breakout on the downside)

6070-6051-6032-6013-5994.

Happy Trading !!!

Nifty View for 15.05.2013

Nifty futures opened in the green and stayed in green for the day except for two blips below in red and yet closed towards the lower end of the range. We mad a new lower bottom at 5980.50 and closed at 6009.75. The resistance of 6063 was not touched today and needs to be keenly watched. Today did not go below 5970 so was positive for the day above it. Again for tomorrow watch 5970 level for more downside if breached. MFI has been the early indicator to reverse and gave early warning signs. RSI is down nearly at 55 level below this level it may have more downside. MACD is yet to reverse but always late in signal. Intraday traders can use the levels on spot nifty given below to trade on Wednesday.

Spot  Nifty Levels for Trading on Tuesday :

No trade between 5976 and 6015(To avoid whipsaws)

Buy above 6015 sl of 5995

targets 6034-6053(add positions, breakout on the upside),

6072-6091-6110-6129-6148.

Sell below 5975  sl of 5995

targets 5956-5937(add positions,breakout on the downside)

5918-5899-5880-5861-5842.

Happy Trading !!!

NIfty View for 14.05.2013

Nifty futures faltered on the 13th day of May 2013 and had a correction to make a low of 5986.10 and closed the day at 5987.25. The intermediate resistance of 6139 will be hurdle now and up trend will continue above it. Nifty future has closed below the resistance level no 1 of 6063 and this will be the hurdle for the short term and below this support is at 5917. For intraday level to watch is 5970 above it will be positive for intraday. RSI and MFI are down today with MACD only in the positive. So above 5970 expect some recovery and sustaining below it watch the level of 5917 critically. 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 5961 and 6000(To avoid whipsaws)

Buy above 6000 sl of 5980

targets 6019-6038(add positions, breakout on the upside),

6057-6076-6095-6114-6133.

Sell below 5961  sl of 5981

targets 5942-5923(add positions,breakout on the downside)

5904-5885-5866-5847-5828.

Happy Trading !!!

Nifty View for 13.05.2013

Nifty future has kept the run on for this swing and made a new high on Saturday at 6129.90 to close at 6129. The intermediate resistance is at 6139 and above this we have 6216. Indicators are rising except MFI. Intraday traders can use the levels on spot nifty to trade on Monday.

Spot  Nifty Levels for Trading on Friday :

No trade between 6088 and 6127(To avoid whipsaws)

Buy above 6127 sl of 6107

targets 6146-6165(add positions, breakout on the upside),

6184-6203-6222-6241-6260.

Sell below 6088  sl of 6108

targets 6069-6050(add positions,breakout on the downside)

6031-6012-5993-5974-5955.

Happy Trading !!!