As we had expected nifty opened mild positive with a small gap up yesterday. Hope you people experienced yet another volatile and surprise move in nifty. In the first half of the session nifty was trading sideways with ups and downs and in the second half it has not failed to give surprise. Yesterday the surprise was on the positive side unlike Tuesday where the surprise was on the downside. At last nifty closed close to the day’s high and very close to our mentioned resistance level of 2748.
With US market closed on Thursday and Friday, it closed strongly on Wednesday with its indices are almost 3-5% up. Asian markets also have opened and trading positive. Nifty is expected to open flat to mild positive. As today is the expiry day intraday volatility and surprises may be anticipated for the day.
On the upper side nifty may find resistance near 2795 or 2839 levels. Similarly on the lower side support exists near 2641 or 2560 levels. As nifty has closed very close to the crucial resistance level yesterday we have to see whether it could sustain above it. With US market closed for the next two days we have to see how nifty pan out once expiry is over today.
Happy Trading !
Thursday, November 27, 2008
Wednesday, November 26, 2008
26 Nov'08: Expiry Drama
As we had expected nifty opened strongly with a gap up yesterday. The day’s high created at the opening became a formidable resistance for nifty. Nifty tested the day’s high resistance once and not succeeding to break it, the nifty fell in a unidirectional fashion to close at the day’s low. As we had anticipated there were intraday volatility and surprises which are part of expiry week drama.
US market closed almost mixedly flat. Asian markets also have opened and trading mixed. Nifty is expected to open flat to mild positive. Intraday volatility and surprises may be anticipated for the day as this being the expiry week.
On the upper side nifty may find resistance near 2748 or 2841 levels. Similarly on the lower side support exists near 2599 or 2544 levels. It is to be noted that as tomorrow being the expiry day nifty will be entirely under the control of operators who can move and take nifty anywhere they want in the charts.
Happy Trading !
US market closed almost mixedly flat. Asian markets also have opened and trading mixed. Nifty is expected to open flat to mild positive. Intraday volatility and surprises may be anticipated for the day as this being the expiry week.
On the upper side nifty may find resistance near 2748 or 2841 levels. Similarly on the lower side support exists near 2599 or 2544 levels. It is to be noted that as tomorrow being the expiry day nifty will be entirely under the control of operators who can move and take nifty anywhere they want in the charts.
Happy Trading !
Tuesday, November 25, 2008
25 Nov'08: More Pull Back
Yesterday nifty opened weak neglecting to take the cue from the US market. The intraday movements are market with volatile sharp ups and downs which are not abnormal during the expiry weeks. Every rise close to our mentioned resistance level got liquidated by selling pressure. Overall it was a choppy narrow band volatile session.
Once again US market closed strongly with their indices around 5-7% up on the news about bailout of Citigroup and following this Asian markets also have opened and trading strongly in positive region. Nifty is also expected to open positive positively with a gap up. Intraday volatility may be anticipated for the day as this being the expiry week.
On the upper side nifty may find resistance near 2754 or 2800 levels. Similarly on the lower side support exists near 2648 or 2588 levels. The ongoing pull back may be expected to continue at least for a day or two. It is to be noted that any strong pull back may find resistance near 2832- 2852 levels.
Happy Trading !
Once again US market closed strongly with their indices around 5-7% up on the news about bailout of Citigroup and following this Asian markets also have opened and trading strongly in positive region. Nifty is also expected to open positive positively with a gap up. Intraday volatility may be anticipated for the day as this being the expiry week.
On the upper side nifty may find resistance near 2754 or 2800 levels. Similarly on the lower side support exists near 2648 or 2588 levels. The ongoing pull back may be expected to continue at least for a day or two. It is to be noted that any strong pull back may find resistance near 2832- 2852 levels.
Happy Trading !
Monday, November 24, 2008
24 Nov'08: Finally It Happened
On Friday nifty finally gave a much insisted surprise pull back which was pending for the last 3-4 sessions. Nifty opened almost flat and then increased up to 2660 levels where it faced the selling pressure which has bought nifty to the previous day’s closing level. Near the previous day’s closing level nifty bounced very strongly and there was no looking back which eventually took nifty to close at the day’s high of 2718. The strong pull back may be purely attributed to short covering in the futures.
US market on Friday closed strongly with their indices around 5-7% up in the last hour rally. Surprisingly today Asian markets also have opened and trading weak in negative region. Nifty is expected to open flat to mild positive. Intraday volatility may be anticipated for the day.
On the upper side nifty may find resistance near 2761 or 2829 levels. Similarly on the lower side support exists near 2583 or 2472 levels. The ongoing pull back may be expected to continue at least for a day or two. It is to be noted that the weekly resistance for nifty remains at 2852 levels.
Happy Trading !
US market on Friday closed strongly with their indices around 5-7% up in the last hour rally. Surprisingly today Asian markets also have opened and trading weak in negative region. Nifty is expected to open flat to mild positive. Intraday volatility may be anticipated for the day.
On the upper side nifty may find resistance near 2761 or 2829 levels. Similarly on the lower side support exists near 2583 or 2472 levels. The ongoing pull back may be expected to continue at least for a day or two. It is to be noted that the weekly resistance for nifty remains at 2852 levels.
Happy Trading !
Friday, November 21, 2008
21 Nov'08: Massive Sell-off
Yesterday nifty opened weak by a huge gap down of around 100 points. During the day nifty defended the 2500 mark by testing that level couple of times and pulled back after testing and that is a positive sign at least for yesterday. There was intraday volatility within a narrow gap and ultimately nifty closed near the day’s high without filling the gap created in the opening.
There was once again a massive sell off in the US market which has resulted in the loss of around 5-7% in their indices. Asian markets also have opened and trading weak in negative region. Expect nifty also to open weak. Intraday surprises can be anticipated for the day.
On the upper side nifty may find resistance near 2589 or 2626 levels. Similarly on the lower side support exists near 2509 or 2466 levels. It is likely that nifty may take support near 2486 level which is a critical Fibonacci support level and breaching of which can easily take nifty towards the October low. As we are repeatedly indicating that the indices have entered oversold region, nifty may give a surprise pull back anytime and close positive at least for a day or two before it can fall back to lower levels
Happy Trading !
There was once again a massive sell off in the US market which has resulted in the loss of around 5-7% in their indices. Asian markets also have opened and trading weak in negative region. Expect nifty also to open weak. Intraday surprises can be anticipated for the day.
On the upper side nifty may find resistance near 2589 or 2626 levels. Similarly on the lower side support exists near 2509 or 2466 levels. It is likely that nifty may take support near 2486 level which is a critical Fibonacci support level and breaching of which can easily take nifty towards the October low. As we are repeatedly indicating that the indices have entered oversold region, nifty may give a surprise pull back anytime and close positive at least for a day or two before it can fall back to lower levels
Happy Trading !
Thursday, November 20, 2008
20 Nov'08: At Critical Support Level
Nifty opened positive by taking cues from the US market. During the day nifty formed double top at the day’s high of 2772 which attracted the long position holders to liquidate their positions and also invited fresh shorts which had eventually brought the nifty towards the day’s low without looking back. Nifty closed at 2635 which is closer to our mentioned critical support level of 2642.
There was a massive sell off in the US market which has resulted in the loss of around 5-7% in their indices. Asian markets also have opened and trading weak in negative region. Expect nifty also to open weak, possibly with a mild gap down. Intraday surprises can be anticipated for the day.
On the upper side nifty may find resistance near 2675 or 2732 levels. Similarly on the lower side support exists near 2578 or 2521 levels. In worst case scenario nifty should take support near 2486 level which is a critical Fibonacci support level and breaching of which can easily take nifty towards the October low. As we are repeatedly indicating that the indices have entered oversold region, nifty may give a surprise pull back anytime.
Happy Trading !
There was a massive sell off in the US market which has resulted in the loss of around 5-7% in their indices. Asian markets also have opened and trading weak in negative region. Expect nifty also to open weak, possibly with a mild gap down. Intraday surprises can be anticipated for the day.
On the upper side nifty may find resistance near 2675 or 2732 levels. Similarly on the lower side support exists near 2578 or 2521 levels. In worst case scenario nifty should take support near 2486 level which is a critical Fibonacci support level and breaching of which can easily take nifty towards the October low. As we are repeatedly indicating that the indices have entered oversold region, nifty may give a surprise pull back anytime.
Happy Trading !
Wednesday, November 19, 2008
19 Nov'08: Oversold
Nifty opened weak as we had expected with a big gap down. As we had indicated nifty traded very volatile during the day with lot of choppiness in the intraday trend. After lot of ups and downs during the day nifty closed close to the day’s low.
US market closed positive after the last hour pull back with their indices around 1-2% up. But Asian markets have opened and trading in negative region. By considering the way nifty closed yesterday we can expect nifty to open flat to mild negative. But by considering the fact that nifty closed negative consecutively for the last 5 trading session nifty opening and closing in the positive region cannot be ruled out also.
On the upper side nifty may find resistance near 2748 or 2813 levels. Similarly on the lower side support exists near 2641 or 2599 levels. As we had indicated from the previous notes itself that the indices have entered oversold region, nifty may give a surprise pull back anytime.
Happy Trading !
US market closed positive after the last hour pull back with their indices around 1-2% up. But Asian markets have opened and trading in negative region. By considering the way nifty closed yesterday we can expect nifty to open flat to mild negative. But by considering the fact that nifty closed negative consecutively for the last 5 trading session nifty opening and closing in the positive region cannot be ruled out also.
On the upper side nifty may find resistance near 2748 or 2813 levels. Similarly on the lower side support exists near 2641 or 2599 levels. As we had indicated from the previous notes itself that the indices have entered oversold region, nifty may give a surprise pull back anytime.
Happy Trading !
Tuesday, November 18, 2008
18 Nov'08: Pull Back
Nifty opened mild positive as we had expected and fell into the negative region in no time. Nifty breached the important Fibonacci support level with ease and made the day’s low very close to our mentioned support level of 2683 from where it had bounced very sharply with a great momentum which took the nifty into the positive region. At the end of the day nifty closed with mild negative.
Once again US market closed very weak with their indices around 2-3% down in fear or recession worries. Asian markets have opened and trading weak. Nifty is expected to open flat to mild negative. Intraday volatility can be expected for the day.
On the upper side nifty may find resistance near 2859 or 2918 levels. Similarly on the lower side support exists near 2717 or 2635 levels. Today it will be decided whether nifty will continue its pull back trend which started in the second half of yesterday’s session or move downwards to test our second support level. With yesterday’s move nifty has entered the oversold region and a pull back may come in anytime.
Happy Trading !
Once again US market closed very weak with their indices around 2-3% down in fear or recession worries. Asian markets have opened and trading weak. Nifty is expected to open flat to mild negative. Intraday volatility can be expected for the day.
On the upper side nifty may find resistance near 2859 or 2918 levels. Similarly on the lower side support exists near 2717 or 2635 levels. Today it will be decided whether nifty will continue its pull back trend which started in the second half of yesterday’s session or move downwards to test our second support level. With yesterday’s move nifty has entered the oversold region and a pull back may come in anytime.
Happy Trading !
Monday, November 17, 2008
17 Nov'08: Will 50% Retracement Holds?
As we expected on Friday nifty opened strong with a gap up of about 90 points closer to the mentioned first resistance level. But nifty could not sustain at that high level and fell to fill the initial gap created. For the rest of the day nifty traded sideways in a choppy manner and closed below the previous week’s low.
US market closed very weak with their indices around 3-5% down. Asian markets have opened and trading mixed. Nifty is expected to open flat to mild positive.
On the upper side nifty may find resistance near 2907 or 3003 levels. Similarly on the lower side support exists near 2747 or 2683 levels. A mild pull back can be expected near the first support level with coincides with Fibonacci 50% retracement.
Happy Trading !
US market closed very weak with their indices around 3-5% down. Asian markets have opened and trading mixed. Nifty is expected to open flat to mild positive.
On the upper side nifty may find resistance near 2907 or 3003 levels. Similarly on the lower side support exists near 2747 or 2683 levels. A mild pull back can be expected near the first support level with coincides with Fibonacci 50% retracement.
Happy Trading !
Friday, November 14, 2008
14 Nov'08: Inflation Cools Off
On Wednesday nifty opened weak as expected with a gap down of about 50 points. Nifty tested our first support level during the initial hours and strongly rebound from the same and was trading sideways in a choppy fashion till the first half of the session. In the second half nifty decisively broke the crucial support of 2866 and fell sharply towards 2800. Nifty managed to recover a bit from its day’s low and closed near the crucial support level.
US market rallied massively and closed very strong with their indices around 6-7% up. Asian markets have not failed to follow the US market and opened strongly positive. On the backdrop of good global cues and more importantly very good IIP and inflation numbers expect nifty is expected to open positive most probably with a gap up.
On the upper side nifty may find resistance near 2951 or 3053 levels. Similarly on the lower side support exists near 2808 or 2747 levels. The genuinity of rally in the US market may be tested in days to come.
Happy Trading !
US market rallied massively and closed very strong with their indices around 6-7% up. Asian markets have not failed to follow the US market and opened strongly positive. On the backdrop of good global cues and more importantly very good IIP and inflation numbers expect nifty is expected to open positive most probably with a gap up.
On the upper side nifty may find resistance near 2951 or 3053 levels. Similarly on the lower side support exists near 2808 or 2747 levels. The genuinity of rally in the US market may be tested in days to come.
Happy Trading !
Wednesday, November 12, 2008
12 Nov'08: Will IIP Helps?
As expected nifty opened weak with a gap down of about 60 points. During the day it was one way move and that was downwards. Though nifty took a brief pause near our mentioned support levels the same got broken eventually and closed at the day’s low which was diagonally opposite to what had happened the day before where the nifty closed at the day’s high. Traders are made to get confused with this ongoing alternate day change in nifty direction.
US market closed weak with their indices around 2% down on the consumer spending worries. Asian markets have opened mixed and trading weak. Nifty is expected to open flat to weak inline with the global markets and remains so till the IIP numbers are out later today.
On the upper side nifty may find resistance near 3007 or 3064 levels. Similarly on the lower side support exists near 2866 or 2747 levels. Breaching of 2866 levels has to be watched closely as trading for some time below this level may take nifty to much lower level in no time. Nifty is expected to trade neutrally till the IIP numbers are out and nifty may move decisively on either of the directions based on the numbers.
Happy Trading !
US market closed weak with their indices around 2% down on the consumer spending worries. Asian markets have opened mixed and trading weak. Nifty is expected to open flat to weak inline with the global markets and remains so till the IIP numbers are out later today.
On the upper side nifty may find resistance near 3007 or 3064 levels. Similarly on the lower side support exists near 2866 or 2747 levels. Breaching of 2866 levels has to be watched closely as trading for some time below this level may take nifty to much lower level in no time. Nifty is expected to trade neutrally till the IIP numbers are out and nifty may move decisively on either of the directions based on the numbers.
Happy Trading !
Tuesday, November 11, 2008
11 Nov'08: Is Moves Genuine?
As expected nifty opened positive in line with the Asian markets with a gap up. As we had mentioned after breaking our first resistance level of 3035 in the initial hour of trading there was no turning back and eventually nifty closed at the day’s high for the day breaking all the resistance levels with ease.
US market closed weak with their indices around 1-2% down on the economic worries. Asian markets have opened and trading in negative region. Nifty is expected to open weak inline with the global markets and even a gap down of 50-100 points cannot be ruled out.
On the upper side nifty may find resistance near 3189 or 3253 levels. Similarly on the lower side support exists near 3056 or 2963 levels. Closing below 3000 level may bring more weakness to nifty which can eventually take it to near 2860 levels. The genuinity of the up moves in the past will be tested this week.
Happy Trading !
US market closed weak with their indices around 1-2% down on the economic worries. Asian markets have opened and trading in negative region. Nifty is expected to open weak inline with the global markets and even a gap down of 50-100 points cannot be ruled out.
On the upper side nifty may find resistance near 3189 or 3253 levels. Similarly on the lower side support exists near 3056 or 2963 levels. Closing below 3000 level may bring more weakness to nifty which can eventually take it to near 2860 levels. The genuinity of the up moves in the past will be tested this week.
Happy Trading !
Monday, November 10, 2008
10 Nov'08: Surprise Moves
As expected nifty opened weak with a small gap down and in no time came to the positive region. In the first half of the session nifty was trading sideways and in the second half moved up and tested 3000 mark couple of times and closed around our first resistance level of 2979.
On Friday the US market closed positive with their indices around 2-3% up. Asian markets have opened and trading mixed. Our market may open flat or in line with Asian markets.
On the upper side nifty may find resistance near 3035 or 3098 levels. Similarly on the lower side support exists near 2925 or 2863 levels. Breaching of either of our first resistance or support level may make nifty to move in the direction in which it had breached its support or resistance. Today will be important day in the sense in deciding the future course of the market at least for this week.
Happy Trading !
On Friday the US market closed positive with their indices around 2-3% up. Asian markets have opened and trading mixed. Our market may open flat or in line with Asian markets.
On the upper side nifty may find resistance near 3035 or 3098 levels. Similarly on the lower side support exists near 2925 or 2863 levels. Breaching of either of our first resistance or support level may make nifty to move in the direction in which it had breached its support or resistance. Today will be important day in the sense in deciding the future course of the market at least for this week.
Happy Trading !
Friday, November 7, 2008
07 Nov'08: Correction Week
As expected nifty opened very weak with a gap down of about 100 points. During the intraday nifty tested our support level of 2864 couple of times and in the second half of the session it gave a surprising sharp up move to fill the initial gap created and fell in no time with the same speed with which it had increased. Nifty closed near our first support level of 2898.
The US market closed very weak yesterday also and most of the indices lost almost 5% once again. Asian markets also opened and trading very weak. In line with US and Asian markets nifty is expected to open weak.
On the upper side nifty may find resistance near 2979 or 3065 levels. Similarly on the lower side support exists near 2834 or 2747 levels. Breaching and closing below 2747 may bring more weakness to the nifty and can move towards 2630. Most of the Index stocks are still closely in the overbought region. Intraday surprises may be expected for the day.
Happy Trading !
The US market closed very weak yesterday also and most of the indices lost almost 5% once again. Asian markets also opened and trading very weak. In line with US and Asian markets nifty is expected to open weak.
On the upper side nifty may find resistance near 2979 or 3065 levels. Similarly on the lower side support exists near 2834 or 2747 levels. Breaching and closing below 2747 may bring more weakness to the nifty and can move towards 2630. Most of the Index stocks are still closely in the overbought region. Intraday surprises may be expected for the day.
Happy Trading !
Thursday, November 6, 2008
06 Nov'08: Counter Rally
As expected nifty positively with a gap up of about 100 points and also as we have indicated profit booking kicked in to utilize the global market induced strong opening. The initial downtrend was arrested around our first support level and nifty traded sideways for a while without breaching our first support level. In the second half of the session nifty breached our first support level which took it further down to close at the day’s low.
The US market closed very weak in view of resurfaced recession worries and most of the indices lost almost 5%. Asian markets also opened and trading very weak. In line with US and Asian markets nifty is expected to open very weak. Even a gap down of 100-150 points cannot be ruled out.
On the upper side nifty may find resistance near 3068 or 3165 levels. Similarly on the lower side support exists near 2898 or 2864 levels. Closing below 2949 may bring more weakness to the nifty. As we were repeatedly mentioned that nifty and other important index stocks have entered the overbought region which resulted in profit booking and this corrective move is expected to continue for at least couple of sessions.
Happy Trading !
The US market closed very weak in view of resurfaced recession worries and most of the indices lost almost 5%. Asian markets also opened and trading very weak. In line with US and Asian markets nifty is expected to open very weak. Even a gap down of 100-150 points cannot be ruled out.
On the upper side nifty may find resistance near 3068 or 3165 levels. Similarly on the lower side support exists near 2898 or 2864 levels. Closing below 2949 may bring more weakness to the nifty. As we were repeatedly mentioned that nifty and other important index stocks have entered the overbought region which resulted in profit booking and this corrective move is expected to continue for at least couple of sessions.
Happy Trading !
Wednesday, November 5, 2008
05 Nov'08: Overbought
As expected nifty opened weak and traded volatile during the day. Nifty made the day’s low of 2985 which is almost same as the mentioned support level of 2984. Nifty closed with a strong rally during the last hour of the trading in view of US elections.
The US market closed strongly in view of Election Day and following this Asian markets also trading strongly. In line with US and Asian markets nifty is expected to open positive. Intraday volatility may be expected for the day. This ongoing pullback rally may be on for couple of sessions after which nifty has to take some rest by a corrective move.
On the upper side nifty may find resistance near 3201 or 3260 levels. Similarly on the lower side support exists near 3034 or 2926 levels. Closing above 3234 may bring more strength to the nifty. Having nifty and other important index stocks entered the overbought region profit booking can be expected in any time.
Happy Trading !
The US market closed strongly in view of Election Day and following this Asian markets also trading strongly. In line with US and Asian markets nifty is expected to open positive. Intraday volatility may be expected for the day. This ongoing pullback rally may be on for couple of sessions after which nifty has to take some rest by a corrective move.
On the upper side nifty may find resistance near 3201 or 3260 levels. Similarly on the lower side support exists near 3034 or 2926 levels. Closing above 3234 may bring more strength to the nifty. Having nifty and other important index stocks entered the overbought region profit booking can be expected in any time.
Happy Trading !
Tuesday, November 4, 2008
04 Nov'08: Time to Rest
As expected nifty opened very strongly with more than 100 points gap up. Though there was a intraday volatility the last hour of trading was marked by a strong upward momentum towards the day’s high of 3062 which was very close to our mentioned resistance level of 3059 for the day.
The US market closed almost flat ahead of elections and Asian markets are trading with mixed signals. Expect nifty to open weak may be flat or mild movement on either directions. Intraday volatility may be expected for the day. This ongoing pullback rally may be on for couple of sessions after which nifty has to take some rest by a corrective move.
On the upper side nifty may find resistance near 3083 or 3122 levels. Similarly on the lower side support exists near 2984 or 2924 levels. Have a close watch if nifty breaks 3000 and 2950 levels as it may bring more weakness.
Happy Trading !
The US market closed almost flat ahead of elections and Asian markets are trading with mixed signals. Expect nifty to open weak may be flat or mild movement on either directions. Intraday volatility may be expected for the day. This ongoing pullback rally may be on for couple of sessions after which nifty has to take some rest by a corrective move.
On the upper side nifty may find resistance near 3083 or 3122 levels. Similarly on the lower side support exists near 2984 or 2924 levels. Have a close watch if nifty breaks 3000 and 2950 levels as it may bring more weakness.
Happy Trading !
Monday, November 3, 2008
03 Nov'08: Pullback Rally
With positive US market and a very strong Asian markets expect a strong opening for nifty. Gap up of 50-100 points cannot be ruled out. Additionally the stimulus package announced by RBI will also help in keeping this rally on. This ongoing pullback rally may be on for couple of sessions.
For today on the lower side nifty may find support near 2786, 2747 or 2687 levels. Similarly on the upper side resistance exists near 2973 or 3059 levels. Nifty has to close above 2951 to sustain the ongoing up move and move towards 3000 or higher levels. Japan market is closed for today.
Happy Trading !
For today on the lower side nifty may find support near 2786, 2747 or 2687 levels. Similarly on the upper side resistance exists near 2973 or 3059 levels. Nifty has to close above 2951 to sustain the ongoing up move and move towards 3000 or higher levels. Japan market is closed for today.
Happy Trading !
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