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 !
Showing posts with label intraday volatility. Show all posts
Showing posts with label intraday volatility. Show all posts
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 !
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