Trade Plan - March 1, 2012

Nifty ends the month of February @5384. The negative streak likely to continue now with the two or three events like election results, budget 2012, and overall growth prospects following 2011-2012 yearly results of corporates. The next month could see a range of 5100-5700 and Nifty is now at the important pivot levels of make or break.

Trade Plan - February 29, 2012

Nifty opens gap up to sustain above 5330 and then closes at 5378. Nifty will become bullish only with a closing above 5460 levels. Till then it is short on rise. 

Trade Plan - February 28, 2012

Nifty falls as expected below 5480 towards 5270. Now with the month of February coming to an end, one can expect a choppy two sessions of the March series (currently going on) A quick visit to 4910 is probable if crucial support at 5225 breaks. Be cool and watch for support levels developing above 5270 for further long positions in Nifty tomorrow and day after. 

Trade Plan - February 27, 2012

Nifty downtrend contniues and tests 5400 level support to close near the lows of the day at 5425 on the weekend. Next support level is 5370-5330. Reversal above 5480 only.

Trade Plan - February 24, 2012

Nifty expires at highest level in six months at 5483 in February series. A 5-wave decline has happened over the past two days and a rise to the mean level of 5535. Reversal is above 5555 only. Below 5500, Nifty is weak and could test 5400-5330.

Trade Plan - February 23, 2012

Nifty breaks 5555 levels and finds support around 5490 and closes below 5-EMA/SMA level after 18 sessions. Correction up to 5450-5385 is possible now if Nifty fails to be resisted or cross 5555 levels on spot prices.

Trade Plan - February 22, 2012

VWAP at close is 5610. This week is important as it is 34th week from the previous highest point of 5744 on Nifty. If Nifty manages to close above 5744 this Friday then uptrend remains intact towards 6350. The Fibonacci grid on the chart is explanatory.  Happy trading :)

Trade Plan - February 21, 2012

Next week is a truncated week on account of holiday on Monday, February 20th (Shivaratri). If bullish momentum continues then Nifty likely to touch 5820-5955 provided the level of 5555 is not breached on closing basis. Below 5555, weakness will creep in and levels of 5460 is the next major support. Happy trading :)

Trade Plan - February 17, 2012

Nifty is resting at the upper end of the regression  channel and needs to close above 5555 for a good move up in the days to come.  Intra day longs above 5532 only for targets of 5580-5615. 

Trade Plan - February 16, 2012

Trade Plan - February 15, 2012

Range for tomorrow 5400-5435-5480.

Reversal below 5380 on spot prices.

Nifty February Series - Followup

Trade Plan - February 13, 2012

Nifty closes above crucial support level of 5365 @ 5382 after weak IIP data numbers brought in some mild selling pressure/weakness but Nifty managed to trade within yesterday's range. Today's chart is one of the most rare symmetrical patterns seen price wise, time wise. VWAP @ close is 5399.

1) Bullish views remain intact for targets of 5450-5500-5555 on spot prices as long as Nifty closes above 5365 spot price.
2) Below 5340, Nifty could likely fall fast towards 5280-5220 levels. Happy weekend. Happy trading :) 

Trade Plan - February 10, 2012

Nifty closes @ 5412. VWAP @ close is 5398. The chart says it all. A weekly close above 5450-5490 on spot price is what Nifty is looking to achieve tomorrow. Level of 5365 is important support and break of this support can make Nifty slide fast. Happy trading :)

Trade Plan - February 9, 2012

A range bound and volatile session with some wild swings after consolidation around 5365 levels on spot price. VWAP @ close is 5384. Nifty closes @ 5368.

1) Bullish views remain intact for targets of 5450-5490-5555. Support of 5365 level is very important now.
2) Below 5310, Nifty could likely test 5280-5240.  Close below 5240 only will make bearish scenario probability prominent.  Happy trading :)

Trade Plan - February 8, 2012

Nifty does another gap up to a new high in more than 3 months at 5412 and then takes support @ 5325. VWAP @ close is 5378. Nifty closes at 5335.

1) Views remain same as yesterday for longs above 5380 only for targets of 5415-5450-5490. Nifty closing above 5450 sets Nifty for another 100 points rise to 5550 levels.
2) Support level of 5310 break will likely take Nifty to next best support levels of 5280-5240. Happy trading :) 

Trade Plan - February 7, 2012

Nifty moving in a predictable uptrend with another gap up today and consolidating at the 5330 levels on spot prices to close at 5362. VWAP @ close is 5369.

1) Intra day longs only above 5380 for target of 5415-5445-5490. Reversal level will be below developing support level of 5325 confirmed with break of 5310 levels.
2) Below 5310, Nifty will be weak and slide to 5270-5225-5175 levels. Happy trading :) 

Trade Plan - February 6, 2012

Nifty achieves the weekly close above 5315 today on the weekend. VWAP at close is 5311. Nifty closes @ 5326.

1) Long positions intraday on Monday only above 5325 only for targets of 5365-5390-5410. Intraday support should be at 5285 levels.
2) The level of 5250 has now formed good support today and only after a weekly close below 5250 can shorting be thought of by intra day traders.
3) Nifty has closed above all long term SMAs (200-SMA of 5198) decisively for more than 3 sessions and should trade above these levels for a medium term target of 5555 levels with support at 5250-5170 levels.  Happy trading and happy weekend :) 

Trade Plan - February 3, 2012

Nifty opens gap up and later closes the gap and trades range bound between 5240-5280 to close at 5270. VWAP @ close is 5274.

1) Longs above 5295 only for targets of 5320-5355-5390. Reversal level will be 5220.
2) Below 5220, Nifty has support at 5-EMA/SMA level of 5204/5198.
3) A weekly close above 5315 is bullish short term and a close below 5200 is bearish short term. Happy trading :)

Trade Plan - February 2, 2012

Nifty trades flat and then negative in morning session trades and recovers  with support around the 5-SMA level of around 5160, Nifty moves back again for the highest close in many months.  VWAP @ close is 5223. Nifty closes at 5236.

1) Targets above 5240 are 5280-5315. The level of 5170 remains the reversal point.
2) Below the level of 5170 only shorting can be thought of for target of 5110-5070. Happy trading :)