NSE Nifty EOD Analysis - Continuous

Nifty Trading Idea For 14th May 2009

Sea saw movement and how to trade successfully in this market is the buzzing topic now. Nifty opened the day flat at 3669, tested intraday low of 3610 in the first half and witnessed a smart rally of almost 100 points from the day's low, but it found resistance at my predefined level of 3709 (consult yesterday's post on Nifty) and plunged sharply due to sudden selling from the day's high to finally close at 3635 with a net loss of 49 points. Fresh short building seen in Nifty future, ICICI Bank, DLF, Reliance Capital, HDIL, Tata Steel, Suzlon, fresh buying seen in HDFC whereas profit booking seen in Reliance.

Technically, Nifty is facing upside resistances at 3707 and 3814. Still good news for bulls are that Nifty managed to close above its 5 DMA support at 3628 and below it support levels for Nifty will come from 3485 (20 DMA), 3432 (weekly support) and 3362 (200 DMA). Daily RSI-2 is at 49.04 neutral and weekly RSI-2 is at 98.32 super bullish, but highly overbought. Avoid all kinds of fresh positional longs as the rally is already in its 9th week and due for a correction and we have the election results on day after tomorrow.

Pivot levels of Nifty spot for Thursday, 14th May:

R3 - 3792.60
R2 - 3751.10
R1 - 3693.20
Pivot - 3651.70
S1 - 3593.80
S2 - 3552.30
S3 - 3494.40

As an intraday trading strategy for tomorrow, sell Nifty if it trades and sustains below the S1 level for targets of S2/S3 and buy Nifty only if it trades and sustains above the R1 level for further targets of R2/R3. On my yesterday's blog recommendation to sell Nifty below the pivot level of 3635 made a low of 3610 today. That is a total intraday gain of 25 Nifty points. Though only those could lock in the gain, who booked partial profits fast, but partial profit booking in every 15-20 points move should be the oath for Nifty intraday traders. Cheers!!

Regards

Indrajit
 
Nifty Trading Idea For 15th May 2009

The sea-saw ride continues in Nifty. Today Nifty opened gap down on weak global cues and tested intraday lows of 3538 in the morning trades itself, but then witnessed smart recovery to day high of 3632. In the second half Nifty moved in very narrow range showing extreme uncertainity and finally closed at 3593 immediately below its 5 DMA resistance at 3616. Fresh short building seen in Nifty future, ICICI Bank, Axis Bank and Reliance Capital, fresh buying seen in DLF, Aban and HDIL whereas Reliance has witnessed profit booking.

The obvious questions to everybody's mind, where is Nifty headed to? Nifty today found support at its 13 DMA support at 3564. Its now 8 straight sessions when we are moving inside a narrow range with high volatility. In the hourly charts Nifty made a tripple bottom at 3535 level and that support is now too much crucial for bulls and bears both. As discussed Nifty is moving in a channel whose upper and lower range now comes at 3705-3555 (see the attached image). So a high volume move only above 3705 can show the final upside target of 3795-3843. Below 3535 immediate levels like 3486 and 3432 is expected. Daily RSI-2 is bearish at 30.75 and weekly RSI-2 is now also in sell mode at 76.84. Tomorrow is the last day of the trading week and we are going to welcome a new parliament soon, so expect extreme cautiousness and lack of volume tomorrow also. I again repeat avoid all kinds all fresh overnight longs and ride the intraday trend as it comes to you.

Pivot levels of Nifty spot for Friday, 15th May:

R3 - 3732.00
R2 - 3681.90
R1 - 3637.70
Pivot - 3587.60
S1 - 3543.40
S2 - 3493.30
S3 - 3449.10

As a intraday trading strategy tomorrow go long if Nifty breaks and sustains only above the R1 level for targets of R2 and R3, and go short if Nifty breaks and sustains below the S1 level for target of S2 and S3. Keep a standard 25 points SL in all your intraday Nifty trades. On my last blog post on Nifty, I recommended to sell Nifty below S1 level of 3594, and price opened below that level in morning. But after settling upside price again slipped below the sell levels and made a low of 3566 and after that Nifty can never convincingly go above the sell zone. That is an total intraday gain of 28 Nifty points. Cheers!!

Regards

Indrajit
 
Weekly Nifty Update

Now a quick look on Nifty technicals. The Assembly Election is over in India. UPA is all set to create a new parliament almost on their own. This news can be a major trigger for the market and tomorrow we can see a sudden spike in Nifty, after last nine days consolidation pattern. This spike can take Nifty all the way to 3795 (200 Weekly MA, my projected Mount Everest) and also to higher figures like 3820, 3844. If we only see couple of closings above 3844 then new possibilities of 4000+ levels like 4304 and 4650 comes into question.

Weekly Pivot levels of Nifty spot:
R3 - 3918.20, R2 - 3813.90, R1 - 3742.80, Pivot - 3638.50, S1 - 3567.40, S2 - 3463.10, S3 - 3392.00

Pivot levels of Nifty spot for Monday, 18th May:
R3 - 3794.40, R2 - 3740.30, R1 - 3706.00, Pivot - 3651.90, S1 - 3617.60, S2 - 3563.50, S3 - 3529.20

Remember, this present rally is already 10 weeks old now and we are nearing immense resistance of 200 WMA, and due for a correction. But on 2006, we have even seen a 19 weeks rally of 1100 points that ended up in a correction of 400 points. Till, now the uptrend remains intact with support levels of 3486 and 3432.

Regards

Indrajit
 
So, now we have the Mount Everest 200 Weekly MA crossed, that too in the first chance and Nifty closed well above this resistance. 200 WMA at 3805 will now act as major support. Other supports for Nifty exists at 3787 (5 DMA). Weekly trendline supports for Nifty exists at 3699 and 3581 and in the near term it looks to unlikely for Nifty to trade below 3581 level. In the daily chart Nifty has broken out of an expanding triangle pattern (see the attached image). On weekly charts Nifty completed retracement of 4304 level (50% of Jan 2008 high and Oct 2008 low) and It looks like Nifty is now headed for the 61.8% retracement level placed at 4789 level. There can be intermediate corrections in Nifty, but near term longs target is now well placed at 4789. When the peak of the Everest is crossed, we can rightly say, its Destination Moon now.

nifty.jpg


How to trade Nifty now? Positional players holding Nifty straddle can book partial tomorrow and can trail the rest with appropriate stop loss to lock in maximum profits :clap:. Tomorrow's pivot levels will look absurd because of the huge move today. So I am skipping that section today. Intraday traders can trade Nifty tomorrow as per the Yahoo Charts. Trade in line of EMA trends, with entry and exit signals from Stochastics and RSI. Traders should be very cautious in their entries and should avoid first half an hour of trade tomorrow morning for the initial euphoria to die down. Use every possible dips towards 3800, to enter in fresh positional longs.

Regards

Indrajit
 
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Nifty Trading Outlook For 20th May 2009

After last sessions massive 20% gains, Nifty consolidated today, with either side volatile moves and the intraday range was almost 350 points today. Nifty finally closed at 4318, down marginally by 0.1% from last close. Fresh buying seen in DLF, Reliance Capital, ICICI Bank and Tata Steel , fresh short building seen in Bharti and Infosys whereas short covering rally witnessed in SBI and RCom. No major movement of open interest is witnessed in Nifty future.

Nifty Technicals: 3 DMA Support exists at 4151 (this can now be used as a trailing stop loss for any longs in closing basis) and 5 DMA support exists at 4016. Daily RSI-2 is at 96, still in strong bullish zone. Nifty created a NearDoji candle in the daily charts today, and it denotes strong resistance at 4500 and strong support at 4150. So only if 4150 is broken in the coming sessions we can see a correction to retest the 5 DMA and also 200 WMA levels at 3800. Till then the sentiment remains bullish with immediate up side targets of 4650/4789.

Nifty Pivot Levels For Tomorrow:
R3 - 4838, R2 - 4674, R1 - 4496, Pivot - 4332, S1 - 4154, S2 - 3990, S3 - 3813
Intraday trading idea: Buy Nifty future if the spot trades and sustains above R1 for target of R2, sell Nifty future if the spot trades and sustains below S1 for target of S2.

Infosys Pivot Levels For Tomorrow:
R3 - 1967, R2 - 1881, R1 - 1720, Pivot - 1634, S1 - 1473, S2 - 1387, S3 - 1226
Intraday trading idea: Buy Infosys if it trades and sustains above Pivot for target of R1/R2, sell Infosys if it trades and sustains below S1 for target of S2/S3.

Reliance Pivot Levels For Tomorrow:
R3 - 2721, R2 - 2610, R1 - 2421, Pivot - 2310, S1 - 2121, S2 - 2010, S3 - 1821
Intraday trading idea: Buy Reliance if it trades and sustains above Pivot for target of R1/R2, sell Reliance if it trades and sustains below S1 for target of S2/S3.

SBI Pivot Levels For Tomorrow:
R3 - 2242, R2 - 2043, R1 - 1899, Pivot - 1699, S1 - 1555, S2 - 1355, S3 - 1211
Intraday trading idea: Buy SBI if it trades and sustains above R1 for target of R2/R3, sell SBI if it trades and sustains below Pivot for target of S1/S2.

Regards :cool:

Indrajit
 
Nifty Trading Outlook For 21st May 2009

It was a second straight day of consolidation for Nifty. After opening weak, Nifty remained under selling pressure for the whole day and finally closed at 4270, down by 1.1% from last close. Fresh short building seen in Nifty future, ICICI Bank, DLF, Reliance Capital and Infosys, fresh buying seen in Tata Steel, whereas short covering rally witnessed in SBI, RNRL and Punj Lloyd.

Nifty Technicals: 3 DMA Support exists at 4211 and 5 DMA support exists at 4100 (watch how the EMA supports are increasing and how we can use 5 DMA support as a trailing stop loss for positional longs - refer to my last post on Nifty). Daily RSI-2 is at 75.95, in sell mode but still in strong bullish zone. Nifty candle made an inside day today and that indicates that any break of today's high or low will set the mode for tomorrow. I am expecting at least a price pull-back to 5 DMA level of 4100 before any significant upmove. Remember 5 DMA is dynamic in nature and if Nifty now respects the 5 DMA support, this level can be used to take fresh entry in positional long trades. Cheers!!

Nifty Pivot Levels For Tomorrow:
R3 - 4459, R2 - 4411, R1 - 4341, Pivot - 4293, S1 - 4222, S2 - 4174, S3 - 4104.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above Pivot for target of R1/R2, sell Nifty future if the spot trades and sustains below S1 for target of S2/S3.

Infosys Pivot Levels For Tomorrow:
R3 - 1680, R2 - 1644, R1 - 1587, Pivot - 1551, S1 - 1495, S2 - 1459, S3 - 1402
Intraday trading idea: Buy Infosys if it trades and sustains above Pivot for target of R1/R2, sell Infosys if it trades and sustains below S1 for target of S2/S3.

Reliance Pivot Levels For Tomorrow:
R3 - 2341, R2 - 2297, R1 - 2225, Pivot - 2180, S1 - 2108, S2 - 2064, S3 - 1992.
Intraday trading idea: Buy Reliance if it trades and sustains above Pivot for target of R1/R2, sell Reliance if it trades and sustains below S1 for target of S2/S3.

SBI Pivot Levels For Tomorrow:
R3 - 1938, R2 - 1879, R1 - 1830, Pivot - 1771, S1 - 1722, S2 - 1663, S3 - 1614.
Indraday trading idea: Buy SBI if it trades and sustains above R1 for target of R2/R3, sell SBI if it trades and sustains below S1 for target of S2/S3.

Regards :cool:

Indrajit
 
Nifty Trading Outlook For 22nd May 2009

Price is pulling back towards 5 DMA as per my last post on Nifty. After a flat open today, we saw a free fall in Nifty from intraday high level of 3418. Nifty finally closed at 4211 just on the 3 DMA support down by 1.4% from the last close. Fresh short building seen in Nifty future, ICICI Bank, Tata Steel, DLF, fresh buying seen in Reliance Capital and Rolta, whereas short covering rally witnessed in RCom and NTPC.

Nifty Technicals: 3 DMA Support exists at 4211 and 5 DMA support exists at 4137 (I repeat, watch how the 5 DMA support is increasing and how we can use 5 DMA support as a trailing stop loss for positional longs). Daily RSI-2 is at 50.11, in sell mode but in neutral zone. Trendline resistance exists at 4509 and trendline support exists at 3542. Tomorrow morning if Nifty trades below 3 DMA level, it can take it to 5 DMA straightaway. The 5 DMA now needs to stand tall in closing basis for Nifty to go up in the coming sessions. Cheers!!

Nifty Pivot Levels For Tomorrow:
R3 - 4403, R2 - 4360, R1 - 4286, Pivot - 4243, S1 - 4169, S2 - 4126, S3 - 4051.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above Pivot for target of R1/R2, sell Nifty future if the spot trades and sustains below S1 for target of S2/S3.

Infosys Pivot Levels For Tomorrow:
R3 - 1599, R2 - 1577, R1 - 1539, Pivot - 1517, S1 - 1480, S2 - 1458, S3 - 1420.
Intraday trading idea: Buy Infosys if it trades and sustains above Pivot for target of R1/R2, sell Infosys if it trades and sustains below S1 for target of S2/S3.

Reliance Pivot Levels For Tomorrow:
R3 - 2226, R2 - 2199, R1 - 2160, Pivot - 2133, S1 - 2094, S2 - 2068, S3 - 2028.
Intraday trading idea: Buy Reliance if it trades and sustains above R1 for target of R2/R3, sell Reliance if it trades and sustains below S1 for target of S2/S3.

SBI Pivot Levels For Tomorrow:
R3 - 1836, R2 - 1807, R1 - 1762, Pivot - 1733, S1 - 1687, S2 - 1658, S3 - 1613.
Indraday trading idea: Buy SBI if it trades and sustains above Pivot for target of R1/R2, sell SBI if it trades and sustains below S1 for target of S2/S3.

Regards :cool:

Indrajit
 
Nifty Trading Outlook For 26th May 2009

itprodeepak said:
Total Gains of 64 points sirji.....

Thanks for it......
Click to expand...

Still the consolidation pattern is on in Nifty after the election spike. After a flat open today, we saw a frequent up and down moves in , and market remained very volatile all through the day. Nifty finally closed at 4238, marginally down from the last close. Fresh short building seen in Bharti and Suzlon, fresh buying seen in DLF, whereas short covering rally witnessed in Reliance Capital, RNRL and RCom.

Nifty Technicals: 3 DMA Support exists at 4231 and 5 DMA support exists at 4193 (watch how the 5 DMA support is increasing and how we can use 5 DMA support as a trailing stop loss for any election longs). Daily RSI-2 is at 61.01, just maintained in the strong bullish zone. In daily chart trendline resistance exists at 4509 and trendline support exists at 3544. Nifty hourly chart now shows strong resistance existing at 4261 level. Bulls now need to break that zone to set the momentum all set for 4509.

Nifty Pivot Levels For Tomorrow:
R3 - 4335, R2 - 4303, R1 - 4270, Pivot - 4238, S1 - 4205, S2 - 4173, S3 - 4140.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above R1 for target of R2/R3, sell Nifty future if the spot trades and sustains below S1 for target of S2/S3.

Infosys Pivot Levels For Tomorrow:
R3 - 1565, R2 - 1548, R1 - 1526, Pivot - 1508, S1 - 1486, S2 - 1469, S3 - 1447.
Intraday trading idea: Buy Infosys if it trades and sustains above R1 for target of R2/R3, sell Infosys if it trades and sustains below S1 for target of S2/S3.

Reliance Pivot Levels For Tomorrow:
R3 - 2278, R2 - 2247, R1 - 2217, Pivot - 2186, S1 - 2156, S2 - 2125, S3 - 2095.
Intraday trading idea: Buy Reliance if it trades and sustains above R1 for target of R2/R3, sell Reliance if it trades and sustains below S1 for target of S2/S3.

SBI Pivot Levels For Tomorrow:
R3 - 1791, R2 - 1767, R1 - 1743, Pivot - 1719, S1 - 1695, S2 - 1671, S3 - 1647.
Indraday trading idea: Buy SBI if it trades and sustains above R1 for target of R2/R3, sell SBI if it trades and sustains below S1 for target of S2/S3.

Regards

Indrajit
 
Nifty Trading Outlook For 27th May 2009

So after much waiting by the bears, 5 DMA support is finally broken today. Nifty could not go past the huge resistance at 4261 (see my last post), and its bears who has their day today. Nifty closed at 4117 down by almost 2.9%. Fresh short building seen in Bharti, ICICI Bank, DLF, fresh buying seen in DLF, huge profit booking witnessed in Nifty future, Reliance, SBI, Reliance Capital, RNRL and RCom whereas Infosys spiked up due to short covering rally.

Nifty Technicals: 5 DMA resistance now exists at 4168 (see the trailing stop loss of positional election longs got triggered today) and DMA supports now exists at 4007 (13 DMA) and 3859 (21 DMA). Daily RSI-2 is at 16.07, now in strong bearish zone. In the coming days we can see Nifty range bound between 4250-4500 in upper range and 3700 in the lower range. The weak momentum indicators in the Nifty hourly chart suggests that a couple of more closes below 5 DMA can take us to lower levels like 4000, 3850. So, far trend is down and Nifty is a sell on every rise for tomorrow. Take informed decisions in Nifty trading with the Live Nifty Trading System. Cheers!!

Nifty Pivot Levels For Tomorrow:
R3 - 4381, R2 - 4319, R1 - 4218, Pivot - 4155, S1 - 4054, S2 - 3991, S3 - 3890.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above Pivot for target of R1/R2, sell Nifty future if the spot trades and sustains below S1 for target of S2/S3.

Infosys Pivot Levels For Tomorrow:
R3 - 1619, R2 - 1590, R1 - 1570, Pivot - 1540, S1 - 1520, S2 - 1491, S3 - 1471.
Intraday trading idea: Buy Infosys if it trades and sustains above R1 for target of R2/R3, sell Infosys if it trades and sustains below S1 for target of S2/S3.

Reliance Pivot Levels For Tomorrow:
R3 - 2268, R2 - 2238, R1 - 2189, Pivot - 2160, S1 - 2111, S2 - 2081, S3 - 2032.
Intraday trading idea: Buy Reliance if it trades and sustains above Pivot for target of R1/R2, sell Reliance if it trades and sustains below S1 for target of S2/S3.

SBI Pivot Levels For Tomorrow:
R3 - 1836, R2 - 1798, R1 - 1746, Pivot - 1708, S1 - 1655, S2 - 1617, S3 - 1565.
Indraday trading idea: Buy SBI if it trades and sustains above Pivotfor target of R1/R2, sell SBI if it trades and sustains below S1 for target of S2/S3.

Regards

Indrajit
 
Nifty Trading Outlook For 28th May 2009

Bulls again back with a bang. Even after yesterday's big fall and weak closing, Nifty opened huge gap up on strong global cues today, remained strong for whole day and finally closed at 4276 up by massive 3.9%. Huge short covering rally seen in Nifty future, Reliance, SBI, Reliance Capital, RCom, Infosys whereas fresh buying witnessed in ICICI, DLF and Tata Steel.

Nifty Technicals: 5 DMA resistance again broken and Nifty closed above it. So 5 DMA support now exists at 4204 and other DMA supports now exists at 4045 (13 DMA) and 3897 (21 DMA). Daily RSI-2 is at 71.79, now in strong bearish zone, but weekly RSI-2 is at 99.87 (HEAVILY OVERBOUGHT). Daily chart of Nifty reveals a strong support is now existing around 4222 and a strong resistance is existing at 4333. As of now momentum is positive and longs to keep strict stop loss due to overbought weekly RSI-2. Overall any overnight position is to be avoided in Nifty, till it is below 4509. Enjoy the expiry ride tomorrow. Take informed decisions in intraday Nifty trading with the Live Nifty Trading System in this blog :clap:. Cheers!!

Nifty Pivot Levels For Tomorrow:
R3 - 4508, R2 - 4397, R1 - 4337, Pivot - 4226, S1 - 4165, S2 - 4055, S3 - 3994.
Intraday trading idea: Buy Nifty around Pivot, sell Nifty around R1 or sell if the spot trades and sustains below pivot for target of S1/S2.

Infosys Pivot Levels For Tomorrow:
R3 - 1644, R2 - 1621, R1 - 1603, Pivot - 1580, S1 - 1563, S2 - 1539, S3 - 1522.
Intraday trading idea: Buy Infosys if it trades and sustains above R1 for target of R2/R3, sell Infosys if it trades and sustains below S1 for target of S2/S3.

Reliance Pivot Levels For Tomorrow:
R3 - 2256, R2 - 2226, R1 - 2211, Pivot - 2182, S1 - 2167, S2 - 2138, S3 - 2123.
Intraday trading idea: Buy Reliance around S1 or buy if it trades and sustains above R1 for target of R1/R2, sell Reliance if it trades and sustains below S1 for target of S2/S3.

SBI Pivot Levels For Tomorrow:
R3 - 1912, R2 - 1856, R1 - 1822, Pivot - 1766, S1 - 1733, S2 - 1777, S3 - 1643.
Indraday trading idea: Buy SBI if it trades and sustains above R1 target of R2, sell SBI around R2 or sell if it trades and sustains below pivot for target of S1/S2.

Regards

Indrajit
 
Nifty Trading Outlook For 29th May 2009

It was a dull rangebound FNO expiry not seen in the last few months. Nifty opened flat, remained positive for most of the day, but exhibited volatile up and down moves leaving nothing for intraday traders. Nifty finally closed at 4337 up by 1.4%. Short covering witnessed in Nifty future, Reliance, Bharti, SBI and Tata Steel, whereas fresh buying seen in ICICI Bank, DLF, Bharti (June series) and Reliance (June series).

Nifty Technicals: 5 DMA support now exists at 4248 and other DMA supports at 4087 (13 DMA) and 3937 (21 DMA). Daily RSI-2 is at 81.46, in buy mode and in strong bullish zone, but weekly RSI-2 is at 99.89 (MAINTAINING HEAVILY OVERBOUGHT). Daily chart of Nifty reveals a strong support level is now existing between 4174-4154, whereas hourly strong resistance exists at 4351 and support exists at 4325. As of now momentum is positive and trend is up. Overall, go long only if Nifty trades above 4351 for a positional target of 4509. Positional shorts possible only below 4250 level now. Take informed decisions in intraday Nifty trading with the Live Nifty Trading System in this blog. Cheers!!

Nifty Pivot Levels For Tomorrow:
R3 - 4476, R2 - 4416, R1 - 4376, Pivot - 4316, S1 - 4276, S2 - 4216, S3 - 4176.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above R1 for target of R2/R3, sell Nifty future if the spot trades and sustains below Pivot for target of S1/S2.

Infosys Pivot Levels For Tomorrow:
R3 - 1735, R2 - 1682, R1 - 1623, Pivot - 1571, S1 - 1512, S2 - 1459, S3 - 1401.
Intraday trading idea: Buy Infosys if it trades and sustains above R1 for target of R2/R3, sell Infosys if it trades and sustains below S1 for target of S2/S3.

Reliance Pivot Levels For Tomorrow:
R3 - 2310, R2 - 2278, R1 - 2244, Pivot - 2212, S1 - 2178, S2 - 2146, S3 - 2112.
Intraday trading idea: Buy Reliance if it trades and sustains above R1 for target of R2/R3, sell Reliance if it trades and sustains below S1 for target of S2/S3.

SBI Pivot Levels For Tomorrow:
R3 - 1924, R2 - 1881, R1 - 1855, Pivot - 1811, S1 - 1785, S2 - 1741, S3 - 1715.
Indraday trading idea: Buy SBI if it trades and sustains above R1 for target of R2/R3, sell SBI if it trades and sustains below Pivot for target of S1/S2.

Regards

Indrajit
 
Nifty weekend update

Nifty closed 2.6% higher on Friday, on a bit euphoric buying throughout the day. All the momentum indicators of the intraday charts remained overbought throughout Friday, but price continued to see newer highs. The daily chart indicates strong resistance exists at last swing high at 4509, and close abouve this will set the momentum to test 61.8% retracement level of the bear market fall at 4789. Whereas failure to close above the trading channel will warn immediate retest of the low of the trading channel at 4092 and in that case Nifty may stay range bound between 4509-4092 for some more time. My last post recommendation to go long above 4351 has fetched 100+ points for my readers on Friday :clap:. Trade with the trend, and follow only the trend :LOL:, not the so-called experts. Cheers!!

ynsei.png


Nifty Pivot Levels For Monday 1st June:
R3 - 4634, R2 - 4560, R1 - 4504, Pivot - 4431, S1 - 4375, S2 - 4302, S3 - 4246

Regards

Indrajit
 
Nifty Trading Outlook For 2nd June 2009

Nifty crossed its immediate hurdle of 4509 (the last swing high - refer to my last post) and after a typical rangebound volatile session it has closed at 4530 up by almost 81 points. Fresh buying seen in counters like Suzlon, Unitech, HDIL, Tata Steel, DLF, fresh short building seen in ICICI Bank whereas Nifty future, Reliance Capital, RCom and NTPC surged due to short covering rally.

Nifty Technicals: 5 DMA support exists at 4387 whereas upper Bollinger Band resistance exists at 4684. Daily RSI-2 is at 95.45 in buy mode and overbought and weekly RSI-2 is at 99.93 (MAINTAINING HEAVILY OVERBOUGHT ZONE FOR THIRD STRAIGHT WEEK NOW). Most of the momentum indicators showing extreme bullishness in weekly chart, indicating end of the bear market finally. This market is now a buy in every dips for the value investors. Immediate short term target for Nifty now placed at 4650 for positional Nifty traders and above 4650 we can see 4789 (refer to my post Destination Moon) :smart:.

Nifty Pivot Levels For Tomorrow:
R3 - 4662, R2 - 4604, R1 - 4567, Pivot - 4509, S1 - 4472, S2 - 4414, S3 - 4377.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above R1 for target of R2/R3, sell Nifty future if the spot trades and sustains below Pivot for target of S1/S2.

Regards

Indrajit
 
Nifty Trading Outlook For 3rd June 2009

Nifty created a spinning top candle formation in the daily chart and closed flat at 4525. In the intraday trades today, Nifty has shown almost 130 points swing either side. Fresh buying seen in Tata Steel, ICICI Bank, Rolta, fresh short building witnessed in DLF, Essar Oil, Unitech and HDIL, whereas some long unwinding seen in Nifty future, Reliance and Reliance Capital.

Nifty Technicals: 5 DMA support exists at 4433 whereas upper Bollinger Band resistance exists at 4745. Daily RSI-2 is at 90.79 in sell mode but still in strong bullish zone and weekly RSI-2 is at 99.93 (MAINTAINING HEAVILY OVERBOUGHT ZONE). Very high weekly RSI-2 suggests that the upside for Nifty is capped at 4650 before any short term correction. Overall, offload any long positions towards any rise towards 4650. Cheers!!

Nifty Pivot Levels For Tomorrow:
R3 - 4726, R2 - 4656, R1 - 4591, Pivot - 4521, S1 - 4456, S2 - 4386, S3 - 4320.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above R1 for target of R2/R3, sell Nifty future if the spot trades and sustains below S1 for target of S2/S3.

Regards

Indrajit
 
Nifty Trading Outlook For 4th June 2009

My last day's call to sell Nifty below S1 fetched 60+ Nifty points today. Hopefully all readers enjoyed the call :clap:.

Nifty again created a dozy type candle formation in the daily chart and closed marginal 0.1% up at 4531. Nifty again shown wild swing today with almost 100 points swing either side. Fresh buying seen in Suzlon, Essar Oil, Unitech, Aban and Tata Steel, fresh short building witnessed in ICICI Bank, long unwinding seen in Nifty future, Reliance, SBI and Reliance Capital whereas short covering rally seen in RCom.

Nifty Technicals: 5 DMA support exists at 4466 whereas upper Bollinger Band resistance exists at 4793. Daily RSI-2 is at 91.74 flat but still in strong bullish zone and weekly RSI-2 is at 99.93 (EXTREMELY OVERBOUGHT). I again repeat, very overbought weekly RSI-2 suggests that the upside for Nifty is capped at 4650 before any short term correction. Overall, Nifty created an inside day candle today and break above 4575 can offer a target of 4650 or break below 4478 can offer a target of 4400 or lower. Either side Nifty can show an explosive move tomorrow. Cheers!!

Nifty Pivot Levels For Tomorrow:
R3 - 4674, R2 - 4624, R1 - 4578, Pivot - 4528, S1 - 4481, S2 - 4432, S3 - 4385.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above R1 for target of R2/R3, sell Nifty future if the spot trades and sustains below S1 for target of S2/S3.

Regards

Indrajit
 
Nifty Trading Outlook For 5th June 2009

Nifty: Nifty today has shown both good intraday down and up-trend cheering the daytraders and finally closed 0.9% up at 4573. Today also it has shown wild swing with almost 120 points intraday volatility. Short covering seen in Nifty future, RNRL and Rcom whereas fresh buying witnessed in Reliance Capital, Suzlon, Essar Oil, ICICI Bank, DLF and HDIL.

Nifty Technicals: 5 DMA support exists at 4501 and upper Bollinger Band resistance exists at 4841. 5 DMA proved to be the most important support for Nifty intraday. Daily RSI-2 is at 96.80 overbought and weekly RSI-2 is at 99.94 (EXTREMELY OVERBOUGHT). Very overbought weekly RSI-2 suggests positional traders to wait for a dip for going into any naked long position. Overall, a closing break above 4580 can now take Nifty straightaway to 4650-4789, whereas a failure to trade and close above 4580 will again set lower targets like 4450 or even lower.

Nifty Pivot Levels For Tomorrow:
R3 - 4748, R2 4665, R1 - 4619, Pivot - 4536, S1 - 4490, S2 - 4407, S3 - 4361.
Intraday trading idea: Buy Nifty future if the spot trades and sustains above R1 for target of R2/R3, sell Nifty future if the spot trades and sustains below Pivot for target of S1/S2. My last post's call to sell Nifty today below S1, fetched 28 intraday Nifty points.
Regards

Indrajit
 
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