NIFTY - INTRADAY

Nifty enters 2018 @ all time high close levels !

2017-12-31T21:15:00.002+05:30

Nifty enters the new year of 2018 at all time highs. This is a similar situation to 10 years ago when the 2007 year-end close was at all time high of 6138 only to crash after making new high of 6357 a week later on January 8, 2008. Will history repeat itself after a gap of 10 years - difficult to predict but easy to exercise caution while trading at these levels. Analysts project 11300 to 12,500 levels for 2018. After the unprecedented run of the market in 2017 from 8250 to 10545, a time for correction is likely to fructify earlier than expected. Wishing all readers of this blog a very prosperous and happy 2018. God Bless and Happy Trading !!!

Update from valuation perspective !

Nifty continues making life highs throughout this month and at the time of writing this update has closed at all time high of 10894. Above is the P/E ratio of Nifty. The valuations are reaching overstretched zone with P/E ratio climbing well above 27 now, and this can lead to a sudden and steep rise over the next couple of days. Caution needs to be exercised at this juncture and trailing with tight stop losses from trading perspective . Happy trading !

NIFTY UPDATE - MARCH 2018 SERIES

Nifty as stated in last update was overstretched from P/E ratio valuation perspective and precisely gave up lot of its gain in the backdrop of the NPA scam in the banking sector. Nifty has now been in correction mode throughout the series of February. Now, Nifty enters the corporate financial year end month of March and has largely priced in the impact of negatives versus the positives and looks to consolidate at the lower end of 10200 as a bottom. Going forward, the month of March will be most likely a consolidation and reversal month after a suitable bottom is found. Corrections could be deeper should Nifty break below 10200 and make a quick fall towards 9900 levels if bad news from global market trickles in to encourage bears to go for heavy shorting. The month of March essentially looks likely to be woven around the 10200 levels with +/- 250 points upside/downside.
Happy trading !

NIFTY UPDATE - APRIL 2018 SERIES

As discussed in the earlier update for March series, Nifty levels weaved around 10200 +/- 250 points and the high of the series was 10478 and low was 9948. Now for the month of April, the RBI policy and the annual corporate results will trigger the market pricing for the coming fiscal 2018-2019 and Nifty is largely like to trade above 10K levels. A look at the long term and short term EMA/SMA levels of Nifty can be used as a guide to arrive at breakout/ breakdown levels. All the short term EMAs and SMAs are above the 10K level which is a breakdown level now and the highest of the EMA/SMA pack is the 55-SMA/EMA @ 10550/10395. A positive market response to good corporate results will definitely take Nifty past 10500 in April. Conversely, a negative response to the corporate result will take Nifty at least 350-500 points below 10K to 9650-9500 . Nifty has closed the March series at 10113 which is at the lower of the price band of 10000-10500. When the market opens after the long weekend on April 2nd, the direction of the April series will take shape. Happy trading!

NIFTY MAY 2018 NIFTY SERIES - RETRACEMENT MODE !

Nifty enters May series after spending the April series in making up the lost gains of the earlier months and so far has retraced a shade above the 50% retracement levels to close @ 10617 in April series. Currently the market is midway between the result season and also the crucial Karnataka assembly elections of May 12th, and these events will dictate the outcome of the May series. A retracement towards 10900+ with support of 10450 levels seems likely for the first two weeks of May 2018 and continue the trend that has been established in April series. Happy trading !

NIFTY JUNE 2018 SERIES - RETRACEMENT TO BREAKOUT MODE ?

Nifty ends May 2018 series by retracing back to crucial breakout levels of 10735. With an extremely robust GDP Q4 numbers of 7.7% released, the valuations of the indices could get re-rated, and the market can likely make an attempt to make a double top. The first indication of this scenario came with the huge short covering in the Bank Nifty to end the May series at close to 27K levels. A few days into the June series will confirm the breakout trend. If breakout fails, then the support of 10415 formed in May will get tested and a rangebound scenario could be envisaged. The immediate trigger is the pricing in GDP figures in the market for making a breakout. The next trigger in June that follows is the RBI monetary policy of June 5th. The reversal level for the series of June will be index closing below 10415 spot price - till then it is in retracement/breakout mode. Happy trading !

NIFTY JULY 2018 SERIES - OVERVIEW

Nifty enters July series with June series closing on a flattish level at 10589 spot price. The above EMA/SMA table clearly shows the resistance level for Nifty will be the 34 and 55 EMA/SMA levels of 10710 and 10675. On the downside support levels, the 144 EMA level of 10484 and the 233-EMA/SMA levels of 10365/10285. With half of the year 2018 having elapsed on time scale, it seems Nifty has consolidated at 10500 levels and breakdown below this level only will worry the investors. With USDINR and crude prices fluctuating and breaking out, there will be some volatility on the index and corporate earnings will dictate the fair pricing of the Nifty constituents going forward. Happy trading !!!

NIFTY AUGUST 2018 SERIES - @ ALL TIME HIGH

Nifty enters August series @ all time highs. The footnote on the EMA/SMA table analysis explains the status of Nifty, which has given a breakout and currently trading at all time highs. The immediate support is @ 10900+ levels and no level can be predicted as resistance in a market that has broken out. Happy trading !!!

NIFTY SEPTEMBER 2018 SERIES - CONSOLIDATION TIME ?

Nifty as expected did not face much resistance at any level after the breakout above 11171 in the August series and touched an all time high of 11760 and ending the August series at an all time highest close for the series. With the result season out of the way, some consolidation around the 21-day SMA/EMA level can now be expected to form a support zone. With two-thirds of the year 2018 over, the remainder 4 months of this year could take Nifty to fresh all time highs provided the supports get established well above 11200 levels . The month of September can now be expected to be for consolidation and finding an appropriate support for Nifty. Happy trading !!!

NIFTY OCTOBER SERIES 2018 - BOTTOMING OUT ?

Nifty failed to consolidate around 11475 levels in the Setpember series and slipped to below 11k levels to make a low of 10866 and closed the series @ 10977 spot price. The correction of almost 900 points triggered by USDINR currency depreciation, crude oil price and some concerns in the banking sector and housing finance sector, namely panic fall in prices of YES Bank and DHFL stock prices.

Now for October series the main trigger event is the RBI monetary policy review in the first week followed by the corporate earnings result season of the Q2. The expected support levels for the October series before the trigger events could well be the the 233-EMA/SMA level of 10700+ and retracement towards the resistance level of 11175-11400-11600. Happy Vijayadashami.!!! Happy trading!

NIFTY NOVEMBER SERIES - RETRACEMENT TO 10700+ !

The October series ended after the failure of Nifty to cross 10700 mark and gave up all the gains to make new low at the beginning of the November series at 10004. The bulls in the November series have their task cut out to give support to the market at the 10K+ levels and force a close above 10700 in November series. The bears on the other hand will wait and watch and panic only if Nifty crosses 10550+ levels on closing basis in the early part of November series - say before November 12th. An oversold market and the festival season could well mark the turning point for the market from bearish mode to a range bound retracement mode for the rest of 2018. Happy trading !!!

NIFTY DECEMBER SERIES 2018 - RETRACEMENT ON!

Nifty ends November series after retracing the 50% level of the total fall from 11760 to 10004. The bulls succeeded in forcing the close above the 61.8% level of the fall from upside in November series. This level is @ 10675, which now will be the support/ reversal level for December series. The upcoming triggers for market to retrace fully towards 11760 levels are the RBI monetary policy on December 5th and the five states election results on December 11th. On the global front, crude prices have declined and INR has appreciated substantially to below Rs. 70. The FII buying could start as many stocks have corrected significantly now and look attractive for investment. The calendar year 2018 has been quite eventful for the Nifty index falling twice towards 10,000 and then reversing. Nifty perhaps could well end up the year 2018 above 11,000 levels if triggers in market works in its favour in the December series. Happy New Year ! Happy trading !

Nifty Update - 8250 crucial level for 2017 !!!

2017-01-25T16:48:00.000+05:30

The first month of the year 2017 has been eventful with Nifty setting a range low of 7893 towards the end of last year (December 26th) and then bouncing back smartly for 700 points gain to close the first month of the year @8602. A lot of volatility and changes can be expected in 2017 and the level to watch throughout the year would be 8250 level - 50% swing level of past one month. Expectations from the preponed budget on February 1st and later in month of March the UP state assembly results will have a bearing on the market in the immediate short term. Happy trading !!!

NIFTY AFTER FEBRUARY BUDGET-2017

Nifty once again has come to face resistance at 8825 levels, which was the breakout /resistance zone in 2016. The market has received the budget well and a steady rise from the 8600+ levels has been achieved towards the current resistance level 8825. In 2016, this level of 8825 was breached briefly and Nifty never really go much beyond it then. Bulls would want a close above this 8825 level to take Nifty to all time highs in the month of February 2017 itself. Happy trading !!!

NIFTY BREAKOUT HERALDS SPRING OF 2017 :)

As expected, post budget retracement and now after the crucial assembly polls, the market has given breakout towards all time highs and all looks stable in the market for growth. With prices trading for the first time in unchartered ranges, it remains to be seen how far the breakout after 2 years goes now. The level of pre-breakout close level of 8935 is now the trailing stop loss for bulls trading the index. With the index trading at all time highs and the past 6 trading sessions closing well above 9000 levels, Nifty heralds a bullish spring season for 2017. Happy trading !!!

NIFTY ENTERS JUNE 2017 AT LIFE HIGHS !

The index has consistently traded above the previous high (9120) levels since March 14, 2014 and the expected spring time breakout continues unabated and Nifty touched life high of 9649 as it enters the month of June. The trend seems to point out towards bullish views. However, having started the year 2017 with 8250 as reversal point, Nifty has posted a 1000+ point gain over the past 5 months and now cautious approach and some sideways movements can be expected. Trailing stop loss for bulls will be 9250 spot price. The monsoon season begins and if the country has a good monsoon then Nifty could well go past 9800-10200 kind of levels sustaining above 9500 levels. Let us see how it pans out in the next couple of months. Happy trading !!!

NIFTY closes above 10K+ !

Nifty has closed above 10,000 mark today and this year 2017 has been memorable for the index since the reversal it made above 8250 since January 2017 and month-on-month closed at higher levels with a consistent upward trajectory. At this juncture, it would be futile exercise to project a specific target for trading. However, the above Fibo level charts do show that since the breakout above previous high of 9119 since March 12th, the one way trajectory has been meeting the Fibonacci levels so far and currently at 138.2% extension level has been crossed conclusively, which effectively can be taken as a reversal point now. This level is now 9990 level., an amazing journey for the index. Happy trading !!!

NIFTY AT FRESH LIFE HIGHS FOR SAMVAT 2074 !

Nifty enters muhurat trading at life highs with a significant breakout above 8250 since January 2017 and now has consistently traded above the previous high (9120) levels since March 14, 2014. Nifty can be expected to touch 100-200 points above from the current high of 10250 on and/or after muhurat trading. These levels look slightly overvalued and traders of the index need to exercise caution till confirmation of reversal is not established. A total rise of over 30% in around 200 sessions of this year is a great achievement for the index taking the low of 7893 on December 26, 2016 as a base level. At this point in time, it would be difficult to set a reversal level for index; however, a close below 10100 can be taken as a short-term reversal point for the index. I wish all the readers of my Nifty updates for 2017 a very happy and prosperous festival of Diwali ! Happy trading !

First Update of 2016 !!!

2016-02-13T10:01:00.002+05:30

An update on the same old chart posted in March 2015 with two long term scenarios explained above and below 8135. The scenario of Nifty below 8135 level has been unfolding and Nifty closes for the first time in 52 weeks below 7000 level and likely to face resistance @ 7365 and the second bearish target of 6555 is just 400 points away. It will be a short on rise scenario for the next 2-3 months until and unless the volatility index (VIX) does not fall below 20 levels and brings stability to the prices. The volatility tends to go berserk in a highly confused market with panic setting in.

Happy trading !!!

Second Update - 2016

Volatility index contained below 20 and Nifty creeps up from the lows of 6825 in February towards 7950 so far and now likely to attempt 8050-8135 based on the results of the top players. Happy trading !!!

BREXIT AND AFTERMATH

Further to the earlier update, the Volatility has breached the level of 20 in the aftermath of the Brexit vote and the instant reaction of the market to drop into an indecisive phase. Once again, it can be observed that the technical level of the 8135 in the market is once again into the picture and Nifty is weaving around this level as a pivot. Happy trading !!!

NIFTY DECEMBER 2015 SERIES !!!

2015-11-29T20:20:00.005+05:30

NIFTY 50 - enters the December series after getting support @ 7725. There is no major change in the support/resistance levels of Nifty levels since March 2015 and the bulls will hope 2015 year closing around 8400+ levels after facing resistance at levels of 8800-8400-8135 levels to finally take support at 7550-7750 levels. The key level remains 8135 spot price. Happy trading !!! Wish all the blog readers very HAPPY 2016 in advance :) :) :)

NIFTY OVERVIEW - APRIL 2015 - OCTOBER 2015 !!!

2015-03-29T23:48:00.002+05:30

NIFTY VIEW FOR NEXT 45 DAYS: LEVEL OF 8135 IS IMPORTANT LEVEL ON DOWNSIDE BREAK OF WHICH WILL CONFIRM THE BEAR TARGET. DEAD CAT BOUNCE UP TO 8545 IF SUSTAINED THEN BULLS MIGHT ENTER THE MARKET BIG TO TAKE IT PAST THEIR TARGET OF 9120 AND 9705 ON CLOSING BASIS. ONLY TRIGGER FOR BULLS IS EXPECTATION OF GOOD AND STRONG CORPORATE RESULT SEASON BEGINNING APRIL 9TH AND ENDING IN THE NEXT 45 DAYS !!! HAPPY TRADING !!!

NIFTY CONTINUES TO TRADE AROUND THE MAJOR BREAK DOWN LEVEL OF 8135 SINCE APRIL WITH RETRACEMENT UP TO 8845 AND LIMITED DOWNSIDE. THE VIEWS EXPRESSED IN APRIL AND TARGETS IN CHART REMAIN VALID EVEN 60+ DAYS AFTER POSTING THIS VIEW. THE POWER OF TECHNICAL LEVELS ON LONGER TIME FRAME IS UNFOLDING NOW AFTER A YEAR OF BREAKOUT BETWEEN MARCH 6, 2014 (Nifty 8400) to MARCH 4, 2015 (Nifty 9119 high). HAPPY TRADING !!!

NIFTY ENTERS THE MONTH OF SEPTEMBER CRACKING UNDER GLOBAL CUE PRESSURE GIVING A NEW LOW OF 7670 AND NOW BOUNCING BACK . LEVELS OF THE CHART POSTED IN THIS POST STARTING FROM APRIL ARE PROVING TO BE HOLDING VERY WELL AND NOW ONLY CLOSE ABOVE 8135 SPOT PRICE WILL BE CRUCIAL FOR BULLS. IN A CRACKING MARKET SUPPORT LEVELS ARE HIGHLY VULNERABLE TO BREAKING DOWN. LEVEL OF 7345 IS THE ONLY LIKELY SUPPORT LEVEL BELOW 8135. A TRADING RANGE BRACKET IS GETTING FORMED AND MOST LIKELY BE 7345-8135/8350 FOR SEPTEMBER SERIES !!!

NIFTY ENTERS OCTOBER SERIES AND GIVING A NEW LOW OF 7539 IN SEPTEMBER AND FACING RESISTANCE @ 8055. REVERSAL LEVEL FOR OCTOBER REMAINS 8135 WHICH HAS PROVED TO BE A GOOD PIVOT POINT DEVELOPED OVER THE PAST 6 MONTHS. RESULT SEASON STARTS AFTER OCTOBER 10TH AND RBI RATE CUT EXPECTED ON SEPTEMBER 29TH CAN TAKE NIFTY PAST 8135 TOWARDS 8545. SEPTEMBER 29TH RBI POLICY REVIEW WILL BE VIEWED VERY CAREFULLY BY THE MARKET BEFORE BREAKING THE 8135 BARRIER. HAPPY TRADING !!!

Happy 2015 !!! Nifty January 2015 series Overview !!!

2014-12-24T23:07:00.000+05:30

WISH ALL READERS OF MY BLOG A MERRY CHRISTMAS AND PROSPEROUS HAPPY NEW YEAR !!!

January 2015 Series Overview:

The December series began with the highest life time close of 8588 and then corrected substantially towards the lowest close of 8029.8 and now ends the series just above the important level of 8174 after filling a few gap up and gap down openings. January 2015 is likely to be an even bigger eventful month with just one level being of interest to both bulls and bears - 8310. Above 8310, Nifty should make new highs around 8800/8900 with the result season due in the middle part of January. Before that , till around January 5th, some range bound levels between 8150-8310 can be expected. Below 8150, a quick fall/visit to 7725/7655 cannot be ruled out to test the 233-day EMA/SMA levels as the year is almost getting over and testing longer term moving average of 233-EMA/SMA will be an appropriate bottom to begin the new year with. Happy trading and Wish you and your family a VERY HAPPY 2015 !!!

December 2014 Nifty Series - Poised to make yet another new high !!!

2014-11-27T21:58:00.006+05:30

As we enter the last month of the most bullish year in Indian market, the Nifty is poised to begin the last month December series of the year with yet another new high to continue with the break out trend that began from last December. Hope the December turns out to be the best month to remember in 2014 ! Merry Christmas !!! Happy trading !!!

Nifty November series - Opens with another breakout !!!

2014-10-31T15:27:00.002+05:30

The November series begins with break out above 8180 levels on spot price and Nifty poised to touch 8500 levels now with this break out. The year 2014 has been a year of break outs and the important level on time cycle have been marked on the time cycle grid. Happy trading and enjoy this very strong bull run !!!

Happy Diwali

2014-10-21T20:56:00.002+05:30

I WISH A VERY HAPPY AND PROSPEROUS DIWALI TO ALL READERS OF MY BLOG !

GOD BLESS AND TAKE CARE !!!

Nifty October 2014 series -Beginning the festive season with low of 7842 !!!

2014-09-27T19:20:00.004+05:30

The October series starts with Nifty making to recover from the lows of 7842 spot price and closing @ 7968. Bulls will be targeting to get back to 8115+ levels on closing basis and take it up from there. Bears will be hoping for a close below 7750. With the festival season beginning soon, the month of October will be heavily truncated with number of trading days and only a range bound level can be expected this month. Happy Navratri and happy Deepavali. Happy trading!!!

September 2014 Series - Begins with a bang !!!

2014-09-01T19:00:00.002+05:30

The September 2014 series of Nifty starts with a bang closing above 8k levels today which is a life high close after four consecutive months of higher closing levels. The previous month range gives indication of Nifty having strong support @ 7575 levels with an immediate short term support @ 7865. Levels of 8100-8200 can be expected by bulls in this series with reversal pegged at 7865 levels for the month of September on closing basis. It is buy on dips scenario now. Bears need to wait till Nifty does not close below 7865 to initiate fresh shorts !!!

NIFTY -August 2014 Series !!!

2014-08-01T09:44:00.002+05:30

The Nifty August series becomes current month series from today and as per the chart above Nifty is in pull back mode. Expected support is @ 7535 levels to start with. Overcoming resistance @ 7735 spot price is reversal for fresh longs in August series !!!

Nifty update August series - 12/08/2014:

As expected Nifty has so far managed to get support @ 7540 and moved back to 7735 level today. Sustaining above 7735 is the challenge for market makers for overcoming the all time high level of 7830 on closing basis !!!

Nifty July 2014 Series !!!

2014-06-27T09:09:00.003+05:30

Nifty July 2014 series becomes current month series. Bulls will be happy to get the weekly close above 7555 to begin with and hope to take forward Nifty up above 7900 levels with Union budget and result season. The support @ 7445 (21-SMA/EMA) levels is crucial for July series. Happy trading !!!

Level of 7445 continues to be support level in July series after posting the highest daily close of 7787 in July series. Market is currently priced on the higher end and trading at higher support level of 7445. Break of 7445 can give a good healthy correction towards 7K to 6500K. Happy trading !!!

May series in bullish mode ahead of the General Election results !!!

2014-04-25T12:16:00.001+05:30

The general election results effect is the next big trigger for setting up Nifty for fresh trading zone. Currently trading at life high (6840 highest closing yesterday), Nifty is likely to target 7000-7500 in the May series. Happy trading !!!

May 13, 2014 Update:

The exit poll results has buoyed Nifty towards the minimum expected target of 7165 on spot price today. Happy trading !!!

May 16, 2014 - Nifty May series Update:

As election results are trickling in, the Nifty has done the target of 7550 spot and now correcting as the markets had already seemed to price this result ahead. Happy trading !!!

Nifty April series -RBI policy will be a trigger for change in trend !!!

2014-03-30T16:22:00.000+05:30

Nifty April series Overview:

On Fibo turn date of March 27, Nifty exactly closed in bullish zone of 6645+ setting up a bullish target of 6760-6875. Bears would be happy if retracement to 6415 happens.

Event triggers could be RBI policy on April 1st.

NIFTY FEBRUARY 2014 SERIES - 5970 SPOT PRICE CRUCIAL !!!

2014-02-01T21:04:00.001+05:30

FEBRUARY 2014 OVERVIEW:

Range bound levels 6000-6150 !
Bullish levels 6130-6360 for getting full retracement of recent swing high of 6358 !
Bearish levels 6000-5700-5590 !

Happy trading !

January series 6295 spot is crucial price on closing basis !!!

2013-12-26T21:52:00.005+05:30

Overview of January 2014 series:

The January series becomes the current month series from tomorrow and Nifty is poised to be range bound till the result season kicks in and around 9-10th January 2014 which could well be the turn date. Till then expect range bound movemebnt between support of 6120 and resistance of 6295. Various trendlines on the larger time frame converge around the 6120 support price. May the New Year bring in peace, prosperity, and profit to all. Happy New Year and God Bless !!!

6092 spot price Strong Support level for Nifty entering December series !!!

2013-11-29T10:08:00.003+05:30

The December series becomes the current month series for Nifty from today and the levels of 6092 is a strong support level now. Retracement towards swing high of 6212 and 6360 on closing basis is the target for bulls in the immediate short term (5-6 sessions) !!! Below 6155 spot price, intra day shorters will target 6092-6045 levels !!!UUNi

Nifty Update:

The Nifty touches all time today buoyed with the state election results and some profit booking can be expected failing to sustain above 6360 on closing basis. Support levels are 6235-6185 immediate short term. Resistances cannot be determined above 6360 as Nifty is trading in a totally new zone and it will take time for fresh resistance zones to develop !!! Happy trading !!!

The Nifty as expected saw profit booking around 6365-6400 level and retraced to the almost the support level of 6155 which was the resistance zone earlier. A quiet retracement towards 6250 can be expected for the remaining sessions of the December series. Happy trading !!!

November Series - Nifty begins the Festival of Lights with All time high !!!

2013-11-01T10:35:00.001+05:30

Nifty begins the November series touching the all time after ending the October series exactly as projected. Now sustaining above 6200 is the key for November series. Fresh resistance levels need to be built up and till then it is only "long only " positions with 6200 spot price as the hard stop loss or reversal level !!! Happy Diwali !!! Happy trading !!!

November 3, 2013 : Muhurat Trading Session:

Trading zone 6295-6345-6395. Happy Diwali !!!

View for November series:

The correction has begun and Nifty manages to save the break out level of 6200 so far. A deeper correction means levels of 5835-5935 support zone. Otherwise, now above 6275 levels the view remains bullish. Happy trading !!!

The correction of November series continues with November series capped around 6155 levels on spot price. With two days to go for November series expiry, levels of 5970-5920 will be highly probable if 6025 level breaks early in the morning intra day tomorrow !!!

October Series - Level of 5965+ is key to October series !!!

2013-10-07T09:07:00.003+05:30

With result season in the offing, the level of 5965 on closing basis needs to be taken out for Nifty to make bullish moves past the year high of 6229+.

View for October 7, 2013:The Nifty support @ 5875 is essential to be held on hourly closing basis for attempting close above 5940-5975. Below 5875 spot price expect 5815 and 5795 levels. Happy trading !!!

View for Tuesday, October 8, 2013:

Positive global cues gives Nifty the opportunity of a gap up open today above recent swing high of 5950 spot. Sustaining above 5965 spot price for intra day on hourly closing basis, Nifty can target 5995-6030. With three consecutive sessions closing around 5905 level, intra day bearishness comes only below 5895 levels. Happy trading !!!

View for Wednesday, October 09, 2013:

The level of 5885 holding as support, Nifty likely to remain range bound between resistance of 5965 and expected level of support @ 5885. Bulls will be comfortable only with Nifty trading above latest swing pivot level of 5916. Happy trading !!!

View for Thursday, October 10, 2013:

Level of 6070 spot will be next hurdle on upside with support around 5935 spot price today. The immediate short term range to consolidate for Nifty is 5935-6135. Happy trading !!!

View for Friday, October 11, 2013:

The penultimate working day to Navratri gains momentum with the expected gap up and resistance will be around 6135 today. Dips to 6085 will be short covering zone for bears to exit. Bulls have painted the street red for bears. Enjoy Happy Navratri !!! Happy trading !!!

HAPPY DUSHHERRA !!!

View for Monday, October 14, 2013:

The spot price support @ 6015 is vital today for bulls on hourly closing basis after the dismal IIP numbers announced on Friday. Overcoming the resistance at 6135 is the first intra day bullish target. Scope to go short by retailers arises only below 6015 spot price. Happy trading !!!

View for Tuesday, October 15, 2013:

The Nifty will be poised to overcome 6135 spot resistance today buoyed by the good results of the market leader RIL. Immediate intra day target is close above 6185 levels on spot price. Short covering and intra day bulls will ensure this target being achieved ahead of the Bakri-Id holiday tomorrow for the bourses. Happy trading !!!

View for Friday, October 18, 2013:

The bias for Nifty is neutral and will become bullish only above a close 6135 on the weekend. Level of 6100 remains intra day level for bulls to enter. Index heavy weight RIL is bullish and holding the index at higher levels. Below 6070 (5-SMA), weakness persists but bears would enter big way on breaking 6000 levels only. Happy trading !!!

View for the week October 21-October 25, 2013:

Fresh longs only above 6200 spot for targets of 6265-6315 on closing basis. Reversal level below 6180 intra day basis for the entire week. Below 6180, target is 6070-5935. Index heavy weight stocks that could be the stars next week RIL (touching 940) and ICICI Bank (touching 1100). Happy trading !!!

View for Nifty for the week October 28,2013-November 1, 2013:

October series ends this month end and a fresh series begins on Friday. Nifty completes 5-years from the last low of 2252 in October 2008.

Now for the current week the level of 6180 remains as the reversal point from intra day perspective and no change from the view of previous week for upward target of 6265-6312. A panic bottom could likely be 6095. Nifty is still priced within the trendline which will get broken only below 6095 level approximately. Happy trading !!!

September 2013 Series - Fresh beginnings !!!

2013-08-30T09:19:00.000+05:30

The Nifty September series opens with a heavily hedged long positions as seen through the high PCR ratio of 1.415 and it is a fresh beginning for Nifty after testing a new low of 5118. September series likely to be range bound with negative bias as long as it is trading below the long term 233-EMA/SMA levels !!!

View for Friday, August 30, 2013:

The Nifty made a strong recovery towards the 78.6% level of the last swing (5529-5119) but failed to cross it. Today this level of 5435 needs to be crossed on hourly closing basis. for total pull back towards 5529 levels. Below this level, Nifty might be range bound and scalping zone is 5335-5370-5405. Happy trading !!!

View for Monday, September 2, 2013:

The Nifty has closed above 3/5/8/13 EMA/SMA levels and poised to face resistance at the 21-SMA and EMA level of 5522 levels which will be the formidable resistance level now on closing basis. Reversal below 5455 only on closing basis. Happy trading !!!

View for Tuesday, September 3, 2013:

Yesterday Nifty crossed the hurdle of the 21-SMA/EMA combo @ 5522 to close well above it and the bullishness will persist to cross the 34 and 55-EMA/SMA levels from 5600 to 5725 levels. Intra day reversal levels below 5520 levels. Happy trading !!!

View for Wednesday, September 4, 2013:

The Nifty failed to go past 5580 yesterday and tumbled from the 21-EMA/SMA level of 5523 yesterday breaking all supports confirming that even 34 and 55-EMA/SMA levels are formidable resistance zones now. The recent low of 5118 is the immediate destination for Nifty in the next few sessions. Resistance level will be the multi-year pivot level of 5365. Nifty currently has broken the moving average cycles decisively for the third time in a month and will remain so till a trading zone gets established. It is "short on rise" mode only as of now. Happy trading !!!

View for September 5, 2013:

The retracement process of the recent swing level is on now, 50% complete and likely to face resistance once again at 5525-5580 levels today. Intra day reversal stands at 5455 which was the level at the beginning of the week itself. Happy trading !!!

View for Friday. September 6, 2013:

The Nifty bullish range for the day is the 34-EMA/SMA levels 5600-5695 with hourly closing above 5585 ensuring attempt to close above this level. Below 5585 on hourly closing basis due to profit booking might take it below towards the support of 21-EMA/SMA level. This week Nifty has traded around the 13 and 21-EMA/SMA level with the 34-day levels as resistance. Happy trading !!!

View for Tuesday, September 10, 2013:

The Nifty moving towards the 89-144-233 levels of SMA/EMA after having risen systematically above all the short term moving averages. The figures says it all. Level of 5650 will be intra day reversal on hourly closing basis with resistances at 5720-5760-5800. Happy trading !!!

View for Wednesday, September 11, 2013:

Nifty at highs with biggest single day gains recorded in four years yesterday and suddenly all looks ultra-bullish and time to exercise caution below the level of 5810. As long as above this level, Nifty will try to consolidate between 5810-6010 range in the next couple of sessions. A weekend close above 6010 will be the target of bulls. For intra day today, buying on dips up to 5835 is the way to go. Happy trading !!!

View for Thursday, September 12, 2013:

The bullish range for intra day players only is 5910-5950-5990. Below 5910, remain short for target of 5850-5810. Happy trading !!!

View for Friday, September 13, 2013:

The Nifty will be repricing itself after the better IIP numbers and some realignment of prices in currency markets might impact the movement of Nifty today. Currently, Nifty is in overbought zone and the support level of 5750 is a safe exit point for intra day players. Above 5835, Nifty will be bullish to retrace back to 5950-6000 levels. Happy trading !!!

View for Monday, September 16, 2013:

The Nifty has traded and closed above all long term EMAs/SMAs except the 3-SMA level of 5881 which is the hurdle currently. Support @ the 233-SMA level of 5812 is crucial on Monday. Bullish trading zone with 5835 as stop loss is 5885-5985 and bearish target is 5775-5725 on break of 5800 level with 5835 as stop loss. Happy trading !!!

NB: For the remaining part of the month of September, I will be on a break from trading and hence no daily update of views on the blog !!! Happy trading !!!

Nifty August 2013 Series - Trading below support levels !!!

2013-07-26T08:30:00.002+05:30

View for Friday, July 26, 2013:

The August series becomes the current month series today after July series ended below the crucial support level of spot price 5935 (20-DMA level now. As per the chart above, a change in trend will be only above 5980 spot price on weekly closing basis. Today being a weekend and also beginning of the current month series provides this opportunity for Nifty. It is short on rise mode till then with reversal pegged at 5980 on closing basis.

View for Monday, July 29, 2013:

The Friday close of Nifty is below all short term EMAs/SMAs and the crucial levelto be watched is 89-SMA of 5857 below which is the 233-EMA/SMA levels of 5760/5799. The RBI policy news tomorrow will be the trigger for any positive change. Till then it is "sell on rise mode" with reversal pegged @ 5935 spot on closing basis. Happy trading !!!

View for Tuesday, July 30, 2013:

A big day for the market with RBI policy announcement likely today which might ultimately turn out to be a non-event. Technically Nifty trading above 5895 can take it towards and above the 21-DMA level of 5930. Close above this level is prerequisite for fresh positional buying. Below 5840, the 233-EMA/SMA levels (5800-5762) is ready to welcome Nifty. Happy trading !!!

View for Wednesday, July 31, 2013:

The Nifty has closed below short term and long term EMA/SMA. Now the previous support levels are the next targets for bears viz., 5690-5630. Short term bounce up to 5860 is possible and now reversal will now be only above the 89-EMA/SMA level of 5860. Happy trading !!!

View for Thursday, August 1, 2013:

The Nifty ended the month of July below all long term EMA/SMA combo and now comes the time to test these levels in form of resistance. A close above the 233-SMA level of 5797 spot is the key for confirmation of short term reversal primarily driven by short covering rally. Happy trading !!!

View for Friday, August 2, 2013:

Today being the weekend, a close above the 5-EMA/DMA level of 5790/5815 will infuse a short covering rally will infuse a short covering rally on the upside towards 5865. Below 5745/5753, the (3-EMA/SMA), Nifty is in sell mode on hourly closing basis for targets below 5675 towards 5635. Happy trading !!!

View for Monday, August 5, 2013:

The cluster of EMA/SMA of different time frames are around 5850-5865 zone with the 233-EMA developing @ 5759 at the beginning of this week. Nifty closing below all these levels over previous week will face huge resistance and selling pressure around 5865-5910 range on bounce back. Support formation @ 5715/57 (3-SMA) is essential for fresh buying. Below 5650 spot, levels of 5590-5555 look to be the next support levels. Happy trading !!!

View for Tuesday, August 6, 2013:

The Nifty has paused at the crucial support levels of 5650 over the past couple of sessions and forming a stable trading zone between 5650-5800. Support levels on break of 5650 are 5615-5580. A close above the resistance level 5765 signals short covering rally towards 5850-5910. Happy trading !!!

View for Wednesday, August 7, 2013:

With all technical levels having been broken decisively, pull back to 5665 levels will be the heavily resisted level now. The level of 5555 spot (5590 futures approx) once again becomes important for intra day retail traders on hourly closing basis. Support below 5520, will be this year's lowest swing level of 5477 spot and 5375. Happy trading !!!

View for Thursday, August 8, 2013 :

The Nifty made another new low yesterday near to previous swing low of the year and currently trading just above the low of the year 2013. A double bottom scenario exists currently on the charts and major moves can be expected only after the long weekend. For intra day the level of 5575 spot (5610 futures approx) will be the hourly closing level to watch to trade the range long towards 5665 or short towards 5465. Happy weekend. Happy trading !!!

View for Monday, August 12, 2013 :

The 5-EMA/SMA are at 5600 and the 8-EMA/SMA is 5650-5665 levels. These are the intra day bull targets for the day. Below 5565, the bearishness of the previous week will continue. Happy trading !!!

View for Tuesday, August 13, 2013:

With negative IIP numbers and SBI results after market hours yesterday, today the Nifty reaction likely to be choppy and bearish below 5575 spot price. Now break out zone is above 5645 levels towards 5690+ close for bulls. Below 5575, the bears will exert pressure sell more to break the swing lows and get a close below 5485. Happy trading !!!

View for Wednesday, August 14, 2013:

The Nifty having closed above the short term EMA/SMAs (3/5/8 levels) will now attempt to close above the 13/21 EMA/SMA levels of 5710-5775 levels today. Weakness will be now only below yesterday's break out level of 5645 levels. Happy trading !!!

View for Wednesday, August 16, 2013:

The Nifty will face resistance around 5810 levels as per the most recent chart analyzed above and the price profile of 5810-5665-5485 is the trading zone. For today (August 16th weekly close), the level of 5755 is vital on hourly closing basis. Happy trading !!!

View for Monday, August 19, 2013:

The Nifty has broken all short term EMA levels on Friday and closed well below that putting it in a sell on rise mode. Intra day players will watch for previous swing low of 5475 to hold @ least till EOD tomorrow hoping for short covering rally. Below 5475, next levels are 5395-5365. The exit pressure in cash market will likely be around 5565-5595 levels. Happy trading !!!

View for Tuesday, August 20, 2013:

The multi-year pivot level of 5365 is crucial to be held on closing basis for Nifty. Bias will remain bearish with resistance at 5425-5480 levels. Below 5365, major support levels previously has been @ 5210-5180 levels. Happy trading !!!

View for Wednesday, August 21, 2013:

With recovery from the new low of 5306 yesterday, the retracement process of the fall can now take Nifty past 5425-5480. Overcoming resistance and close above 5480-5500 level is the key for bulls to build long positions. Level of 5395 is important to be held on hourly closing basis for intra day bulls. Below 5395 on hourly closing basis, the fall will continue to new lows below 5306. Happy trading !!!

View for Thursday, August 22, 2013:

With Nifty making yet another new low yesterday @ 5268 and bouncing back to close @ 5302, the next bounce back (support) levels are 5180-5145. Resistances assume importance now as it is "short on rise mode" and is at 5395-5425 levels. Happy trading !!!

View for Friday, August 23, 2013:

Nifty has created a lower low yesterday and a lower high over two days and bias will change to positive only trading above 5425 spot on hourly closing basis and EOD closing above 5500. These levels are being resisted and formidable supply zones. Below 5395, another lower low below 5255 is a strong probability. Happy trading !!!

View for Monday, August 26, 2013:

The intra day target for longs above 5465 is 5535-5565. Reversal below 5465 on hourly closing basis towards 5425-5395. Happy trading !!!

View for Tuesday, August 27, 2013:

The Nifty after a range bound session yesterday is in a balanced zone around the 5465 levels below which 5400-5335 are likely levels of support. Above 5465, the level of 5530 already tested yesterday beyond which 5595 is the next strong resistance. Happy trading !!!

View for Wednesday, August 28, 2013:
The Nifty once again below all short term SMAs and EMAs likely to test 5215-5185 and currently in search of a suitable bottoming out level. An overtly short market might see a rally with expiry rollover gathering momentum towards 5335-5365. Upside looks capped @ 5335 with Nifty having closed at the lowest level of this year (2013) yesterday ahead of August series expiry day. Happy Janmashtami !!! Happy trading !!!

View for Thursday, August 29, 2013:
With Nifty making a new low yesterday at 5118 and recovering to 5300+, the level of 5335 is the level for intra day bulls to enter if rally is going to sustain towards 5400+. Below 5335 spot price, Nifty will continue its retracement process to test new lows. Happy trading !!!

Nifty July Series - Rangebound and volatile so far !!!

2013-07-11T08:56:00.005+05:30

View for Thursday July 11, 2013:

After the last hour fast fall of yesterday below 5860 spot, Nifty will try to latch on to the 5800 low of yesterday and try to move ahead. The intra day bulls will be active only above 5860-5890 spot price for higher targets and play the break out of the recent swing high level of 5905. Below 5860 spot Nifty will continue to remain weak. Happy trading !!!

View for Friday, July 12, 2013:

The result season kicks off with Infy results coming today and Nifty closing above 6045 is the next level for bulls to take it further provided the result season kicks off with positive guidance from Infy. Should Nifty fail to close above 6K today, a volatile fast fall set up likely to emerge below 5895 spot price. Happy trading !!!

View for Monday, July 15, 2013:

Nifty is trading above all short term and medium EMA/SMA and the highest medium term SMA/EMA is the 55-day SMA/EMA of 5953/5888. As long as Nifty trades above these levels over the next week, no hassles for bulls who are well hedged. Intra day break out above 6025 for targets of 6065-6100. Intra day reversal level below 5985 on hourly closing basis. Happy trading !!!

View for Tuesday, July 16, 2013:

With RBI stepping in to strengthen rupee and no policy in sight now to make money cheap for corporate, Nifty is set to plummet to the support levels of 55-EMA/SMA of 5950-5890. When uncertain economic state strikes, the first to take the hit will be the market. Trade cautiously. Happy trading !!!

View for Wednesday, July 17, 2013:

With a high dose of reform announcement in various sectors and steps taken to woo FDI on long term basis, the market will stabilize around around levels of 5850-6100 in immediate short term. For intra day level of 5985 spot price is reversal with break out above 6045 spot price. The well hedged bulls are ready to take it up any time. Happy trading !!!

View for Thursday, July 18, 2013:

The Nifty has managed to close above the 55-EMA (5950) and poised to take direction either side of these levels. Bullish zone is 5985-6085 with close above 6045. Bearish set up is 5935-5835 and closing below 5865. The no-trade zone is 5935-5985 now. Playing the break out is more prudent for which one has to wait patiently and watch the market and news flow with full concentration. Happy trading !!!

View for Friday, July 19, 2013:

The Nifty after yesterday's last hour recovery closed near to the current swing high of 6050 and likely to continue towards 6100 spot price. Trading well above all short term EMA/SMA, consolidation around 6000-6100 levels ahead of July series expiry can be expected. Bullish range for the day 6045-6080-6115. Hourly support of 6000 spot price is crucial, below which 5935 is the strong support zone. Happy trading !!!

View for Monday, July 22, 2013:

The Nifty bullish range for the day 6015-6065 (already done)-6100. Bearish range is 6005-5975-5935. Happy trading !!!

View for Tuesday, July 23, 2013:

Bullish levels for the day 6065-6095-6130.
Bearish level below 6005-5975-5935.
Hourly closing below 6020 is reversal level.
Happy trading !!!

View for Wednesday, July 24, 2013:Following RBI steps to tighten the rupee yesterday, Nifty likely to trade flat with 6035 spot price as the reversal point on hourly closing basis. Bullish range is 6085-6130-6155. Bearish range is below 6035 to 5995-5965. The flat no trade zone is 6035-6085. Happy trading !!!

View for Thursday, July 25, 2013:

The Nifty was in correction mode yesterday and today with expiry and roll over pressure to next series, volatility might make the Nifty swing either way of 6030 levels. A gap up opening will be bullish with the rise of USDINR having been stalled with RBI intervention. Happy trading !!!

Nifty June 2013 series - Time to make new highs !!!

2013-05-30T17:58:00.000+05:30

June 2013 Nifty series overview :

The Nifty May 2013 series has had the highest series closing @ 6124 spot today. Tomorrow onwards June 2013 series will be more actively traded as it becomes the current series. The overall trend will be positive above 6135 spot price towards 6185-6225 initially in the series. Above 6225 Nifty will attempt to make new life time highs above 5355 towards 6455 on closing basis. The chart above depicts the journey of Nifty over the past many months. Happy trading !!!

View for Friday, May 31, 2013:

A weekend, month end, and beginning of a new series converging on the same day today and it is the right time for Nifty to close above the highest monthly closing ever today above 6140. Bullish targets are 6185-6210 above the level of 6135. Support is 6100 and 6065 spot price. Happy trading !!!

View for Monday, June 3, 2013:

The Nifty is "sell on rise mode" with the level of 6080 being the resistance level. Hourly closing levels will be closely watched above 6045 by intra day players for weakness/strength of the index. Support below 5970 is 5930-5895. Happy trading !!!

View for Wednesday, June 5, 2013:

The Nifty has closed below previous swing low of 5935 and the slide could continue now towards 5875-5835 spot price. It is very much "Sell on rise mode" with reversal pegged a few ticks above yesterday's high of 5995 spot price. Hourly closing above 5995 is the level that will be watched by intra day bulls to take it forward towards 6025-6045. Happy trading !!!

View for June 7, 2013:

The Nifty failed to sustain above 5935 yet again yesterday and now headed towards 5845 levels. The currency market needs to settle as it is having an impact on equity valuations and it will take at least at least a fortnight to resolve. The adage "Sell in May and go away" has been proven to be right in the first week of June itself. Happy trading !!!

View for Monday, June 10, 2013:

The week is crucial for Nifty with volatility set to break out and a lull before the RBI policy meet due next week can be expected with some muted moves either side of 5935. This level of 5935 just cannot be ignored as of today try as hard one can it will come back. Range for Nifty over the next two days likely to be 5815-5865-5935-5985. Happy trading !!!

View for Tuesday, June 11, 2013:

The negative bias for Nifty continues as seen yesterday touching support levels of 5865. Today the level of 5815 can be expected failing to trade above 5910. Above 5910, Nifty can surprise by going up to 6000 levels. Happy trading !!!

View for June 12, 2013:

The Nifty is now trading below all long term EMA/SMA levels land the 233-EMA/SMA are the levels that are left to be broiken viz. 5730/5710 levels. Nifty might take support around these levels and the retracement process might fructify. It is still short on rise mode. Happy trading !!!

View for Thursday, June 13, 2013:

The turmoil in the market for bulls will increase with increasing VIX (volatility) and lower lows being done daily. Break of 233-EMA/SMA 5735 level leads to 5675-5645 on the downside. Resistance @ 5825 spot price. Happy trading !!!

View for Friday, June 14, 2013:

The Nifty has closed below 5700 levels and is in oversold territory. Ahead of RBI credit policy on Monday some squaring off of positions is likely leading to short covering to take Nifty @ and above the 233-EMA level of 5740. Support @ 5675 levels is crucial today. Below 5675, level of 5630-5595 are the previous support levels. Happy trading !!!

View for Monday, June 17, 2013:

The Nifty is in a neutral level of trading level ahead of the RBI credit policy announcement today. Bullish zone will be 5815-5865-5925. Below 5815, support levels of 5785 and 5735 likely to be tested. Happy trading !!!

View for Thursday, June 20, 2013:

The Nifty continues to be in short on rise mode up to 5825 and yesterday closed at the high end of the falling range. Reversal to bullish tone only above 5865 on closing basis. Below 5825 spot closing for the past 4 days and now will likely test the lower end below 5765 towards 5735-5675. Happy trading !!!

View for Friday, June 21, 2013:

The total break down of technical levels below 5735 yesterday and now Nifty will be searching for bottom formation. The lower level supports below 5630 spot price is 5595-5555. It is time to take a holiday for intra day traders till the global cues do not improve as whipsaws can result in unpredictable losses. Happy trading !!!

View for Monday, June 24, 2013:

The Nifty will continue to remain weak as long as it does not close above 5735 which is the area of a cluster of long term moving averages now. Earlier support level of 5630-5555 are areas to watch. Happy trading !!!

I will be on a two week break from trading !!! Have a great time !!! Happy trading !!!

Nifty May 2013 series - Too early to say it is bullish for month of May !!!

2013-04-25T21:30:00.000+05:30

Nifty April series closed at the highest level of the series @ 5916 and now the focus on May series with this brief over view.

Bulls target 5965-6075-6110-6175 above 5890.
Bear target below 5890, 5825-5710-5535-5475.

The range of 5825-5965 is the current trading range (2-3 days consolidation before taking direction !!!

View for Friday, April 26, 2013:

The May series begins on a high note with Nifty closing the April series on a bullish note above all high EMAs/SMAs. To keep the trend intact, a consolidation around the range of 5890-5965-6025 is the challenge for the bulls over the next week. Nifty closing above 5965 spot today is the first step towards this goal. Below 5890, support exists at 5835-5795. Happy trading !!!

View for Monday, April 29, 2013:

The view for Nifty intra day continues to be bullish above 5890 spot price towards 5910 (already done) and 5955. Below 5890, sideways movements to find support around 5845-5795 levels. Happy trading !!!

View for Tuesday, April 30, 2013:

The Nifty has traded range bound for past 2-3 sessions and now consolidated around 5870 support well enough to attempt a move towards a close above 5940-5965. Below 5890, weakness perception creeps in and above 5890, strength perception increases. Happy trading !!!

View for Thursday, May 2, 2013:

The Nifty is technically in overbought zone and an inside day can be expected today broadly trading within 5865-5965 levels on spot. Level of 5910 will be the area of support of reversal/support. Happy trading !!!

View for Friday, May 3, 2013:

The Nifty will take decisive direction today based on the RBI policy announcement on rate cuts. Being in overbought condition, market is already at higher end of the trading range and ready to go up towards 6085-6135 if the policy announcement is welcomed by the market. Support at 5965 is crucial on hourly closing basis today. Below 5965, the Nifty will become weak and volatile and can fall fast towards 5890-5835. Happy trading !!!

View for Monday, April 6, 2013:

The bullish range for Nifty intra day is 5980-6025-6055. Bearish range for the day is 5980-5940 (already done)-5890. Level of 5980 will act as reversal point. Happy trading !!!

View for Tuesday, May 7, 2013:

The Nifty will attempt to cross 5980 level towards 6035 levels failing which the bottom of 5930 created now might get broken towards 5890-5865. The level of 5980 needs to be held on hourly closing basis today. Happy trading !!!

View for Wednesday, May 8 , 2013:

A day of consolidation for the Nifty if intra day swing low level of 6005 is held on hourly closing basis for the day for targets of above 6065-6095. Below 6005, supports are @ 5980-5930. Happy trading !!!

View for Thursday, May 9, 2013:

The bullish note for Nifty will sustain above 6065 levels now for target of 6110-6135. Reversal point for intra day players will be 6035-45 zone. Below 6035, support of 5995-5965 come into play. Happy trading !!!

View for Friday, May 10, 2013:

With the IIP number scheduled to be announced today, Nifty will remain range bound before taking further direction. Below support of 6040 are the levels of 5980-5965. Sustaining above 6100 spot only will Nifty will move towards 6135-6185 levels. Happy trading !!!

View for Monday, May 13, 2013:

The Nifty has had its highest daily close of the year @ 6107. Now the bullish momentum will sustain above 6135 spot price towards 6185 spot on closing basis. Below 6080 support price on spot, intra day weakness will set in. Happy trading !!!

View for Tuesday, May 14, 2013:

A quiet day can be expected after the Nifty took unexpected downturn yesterday to close below 5980. Nifty will seek support @ 5815-5855 levels zone as long it trades below the level of 6010. The interim support zones will be 5965-5890. Resistance will be 6010-6075. There is no point buying first and getting stopped out in a falling market. It is sell first and buy later scenario. Happy trading !!!

View for Wednesday, May 15, 2013:

After having taken support @ 5970 levels for two sessions, once again closing above the resistance levels of 6050-6085 will put Nifty in bullish orbit. Break of support @ 5970 spot price today will take Nifty towards 5925-5895. Happy trading !!!

View for Thursday, May 16, 2013:

Yesterday's move up above 6050 induced the short covering rally taking Nifty to the highest close of the year so far @ 6147. Now Nifty is in a new trading level band of 6135-6185-6235-6285. Level of 6095 is reversal level on hourly closing basis for intra day traders. Happy trading !!!

View for Friday, May 17, 2013:

The Nifty enters this weekend with good gains from the low of 5970 and managing highest close of the year @ 6170. Now 6215-6260 are the upside targets with continuing bullish momentum above 6135. Reversal below 6135 towards 6090-6045. Happy trading !!!

View for Monday, May 20, 2013:

The Nifty after closing at the high of the year @ 6185 is in overbought state and some consolidation can be expected around the level of 6135 for a couple of days before making move towards 6265-6315 zone. Below 6135 only it will be bearish and likely test 6090-6030 levels. Happy trading !!!

View for Tuesday, May 21, 2013:

The Nifty is in a consolidation mode as long as it trades above 6135 for higher targets of 6215 (already done) and 6295. Below 6135, levels of 6085 and 6030 are likely support levels. For intra day traders, the level of 6185 needs to be sustained on hourly closing basis. Happy trading !!!

View for Wednesday, May 22, 2013:

The Nifty is in consolidation/correction mode. Support level below 6135 are 6095-6035. Above 6165 closing basis, bullishness gets restored. Happy trading !!!

View for Thursday, May 23, 2013:

The Nifty is on the downward journey confirmed with break of 6095 level yesterday. Resistance level is now 6135. Support of 6015 likely to get tested below 6095. Happy trading !!!

View for Friday, May 24, 2013:

The Nifty closed yesterday after breaking the 21-Day SMA levels to close well below it now. This level 6045 will be resistance. The previous support of 5930-5890 come into picture now on the downside. There will be intermittent spurts of short covering leading to good trade set up for the intra day traders to scalp by going long. Happy trading!!!

View for Monday, May 27, 2013:

The Nifty after moving down last week will again try to climb up and close above 6085 this week. The level of 5980 remains important level today intra day with resistance @ 6045. Support of 5930 is crucial below which levels of 5890-5845 can be tested. Happy trading !!!

View for Tuesday, May 28, 2013:

The Nifty retraced 50% of the previous week's fall to close @ 6082 to give a wide range for this week. A couple of inside day can be expected now. Intra day reversal point on hourly closing basis will be 6085. Bullish zone 6100 to 6135-6155. Below 6085 will be corrective zone towards 6035-5985. Happy trading !!!

View for Wednesday, May 29, 2013:

The Nifty has clawed back into bullish territory with yesterday's close above 6100 level. Bullish zone for intra day today is 6135 spot to 6165-6200 on closing basis. Below the level of 6100, fast fall set up likely to develop with volatility ahead of the May series expiry towards 6025. Happy trading !!!

View for Thursday, May 30, 2013:

The May series of the Nifty expires today and essentially the reversal level for intra day level remains 6135 spot price and to continue the bullish trend a close above 6165 is required entering the June series. Below 6135, Nifty will likely remain range bound today to close above 6045 support levels. Happy trading !!!