Nifty October 2012 Series

The expiry week has just three more trading sessions with a holiday on Wednesday on October 24, 2012 and Nifty has closed this week ending October 19, 2012 on a 50:50 level. The chart explains the important levels on closing basis. Happy trading !!! Happy Navratri !!!

Nifty enters October series on the back of gap up openings in September keeping the volatility levels under control. The important levels on spot prices for the October series is marked in the chart. Happy trading !!!

A second chart has been added with expected bullish and bearish projection for Nifty for October series and beyond using weekly chart !!!

View for Monday October 1, 2012 :

Trading for month of October begins today and the level of 5695 (around 5715 in futures price) is important on spot price now. Trading above this level, Nifty will once again try to go past 5735 spot price towards 5770 spot price. Bias is flat to mildly positive today as consolidation in the zone of 5695-5750 could happen today. A close above 5755 is what the bulls will try to get today. Happy trading !!!

View for Wednesday October 3, 2012 :

The level of 5705 (5725 futures price) will be important support/reversal level of Nifty today. Above 5735 spot price (5755 futures price in futures), Nifty spot will test 5750-5780 levels. Below 5705, spot look for support at 5680-5655 spot price. Happy trading !!!

View for Thursday, October 4, 2012:

Another range bound day can be expected today. Trading above 5715 spot price, Nifty will be bullish for targets of 5775-5800 on spot. Intraday weakness emerges only below 5715 spot towards 5685-5665 support level. Happy trading :)

View for October 5, 2012:

A small gap up opening can be expected today at 5815 spot price (5835 futures price approx) . Staying above 5815 spot, Nifty can attempt to close the week above 5875 levels. Support levels are now 5765-5735 with the level of 5795 being an intra day reversal point. Happy trading !!!

View for Monday, October 8, 2012:

The level of 5795 on spot price (around 5815 in futures price) remains reversal for bulls towards targets of 5835-5875 (5855-5895 in futures price). Below 5795 spot price, support levels are 5735 and 5675. Volatility will increase gradually as result season is due to start soon. Happy trading !!!

View for Tuesday , October 9, 2012:The negative streak of Nifty below 5795 has taken Nifty below 5675 and now some short covering can be expected today above 5710 spot (5730 futures price) which will act as reversal level for intra day today towards 5750-5780 (5770-5800 futures price). Below 5675, Nifty will continues it weakness and can call fast towards 5610-5575 levels. Happy trading !!!

View for Wednesday, October 10, 2012:

The level of 5710 is the area of resistance today and Nifty could likely test lower levels below 5675 support level towards 5630-5595. Above 5730 (yesterday's high), is the reversal point towards 5765-5795. Happy trading !!!

View for Thursday, October 11, 2012:

The level of 5695 is important reversal point today intra day. The negative bias persists but Nifty is not cracking the support of 5630 which it might attempt to do today. Trading above 5695 spot price, Nifty will once again attempt to close above 5725. Happy trading !!!

View for Friday, October 12, 2012:

Today is a big day for the market with results of Infosys about to come before market open, IIP data and after market hours the results of HDFC. Now market will be volatile as it will keep pricing itself depending on the results. Gap up opening at or above 5755 will well turn out to be a run away gap up towards 5800-5845 levels. The level of 5695 will become the reversal level today if market gets poor numbers from Infy, IIP data. Happy trading !!!

View for Monday, October 15, 2012:

Nifty enters another week trading closing at support levels of 5675 in the past week. Now, with the results season having begun, the impact will be more stock specific than much on index and this week is likely to be a scalper's week. Resistance will be at 5700 spot (5720 futures price approx) and support below 5675 is likely to be found at 5615 spot (around 5635 futures price). Happy trading !!!

View for Tuesday October 16, 2012:

The level of 5695 will be important level for intra day today. A gap up opening above 5705 spot (5725 futures price) can take Nifty towards 5755 spot price. Below 5695, Nifty will get weaker for testing newer lows than the average level of 5640.
Happy trading !!!

View for Wednesday October 17, 2012:

Global markets mostly in green and Nifty likely to open gap up in zone of 5670 levels on spot prices. As long as Nifty trades below 5695 level, the moves will not trigger a rally. Only above 5695, will the rally continue towards 5755 levels. Today is likely to be a largely range bound day with a range of 5650-5700 levels. Happy trading !!!

View for Thursday, October 18, 2012:

The level of 5675 spot price once again becomes the key today. Yesterday Nifty has closed just below this level on spot. Trading above 5675, once again attempt will be made to scale up 5710-5745. Volumes will increase only with breakout above the price barriers on either side - break down below 5630 and break out above 5710. Current trend is sideways and flat. Happy trading !!!

View for Monday, October 22, 2012:

Global cues are negative and the holiday mood having already set in, Nifty will remain weak below 5695 spot levels today for intra day trading. Support of 5630-5595 on spot price is crucial for recovery from these levels. Above 5695, resistance will be at 5725-5755 levels. Happy trading.!!!

View for Tuesday, October 23, 2012:

The level of 5695 spot (around 5720 futures price) remains the reversal level for intra day traders today also. Resistance above 5725 spot (5745 futures price) is 5755 (5775 futures price). Below 5695, no long positions and support levels are 5630-5595. Volatility is at yearly low and a few more days of range bound scenario likely due to October series expiry/roll over to next series. The current range can change only with a good gap up or gap down open. Happy trading !!!

View for Thursday, October 25, 2012:

Today the October series ends and the level of 5695 spot price will be the focus once again for swings on either side. Volatility is expected 50-60 points either side of 5695 to the test the support level of 5630 and resistance level  of 5755. Happy trading !!!

Nifty September Series Update

With just one week remaining for the September series to end, Nifty is on course to the the earlier projected move towards 5875 level with the immediate short term resistances being 5770-5875-5945. A skid below in panicky situations, will find buying support around the all  important support level of 5365 as lot of gap  areas exist between 5365-5630 levels in past few daily sessions.

View for Monday 24/09/2012:

Market will remain strong above 5680 spot (around 5700 futures price) and try to scale up the 5750 spot levels. Resistance will be @ 5770. Bank stocks and reality sector stocks likely to take the index further up. Below 5680, support exists at 5630-5595. Happy trading !!!


View for Tuesday25/09/2012:

The view remains same like yesterday as it was an inside day range trading yesterday. The level of 5680 is the key on spot price for the slightly negative bias of yesterday. Support of 5630 and break out zone is 5730 with resistance expected at 5770. Happy trading :)

Volatility chart update:

Weekly volatility chart update added today and showing an U-turn ahead of September series expiry. Safe for fresh longs initiation on break out levels only (5720+).

View for Wednesday 26/09/2012:

The level of 5680 is very vital and currently roll overs to the next series must also be taking place. Support levels are 5630-5575. Resistance level is 5735-5770. Happy trading !!! 

View for Thursday 27/09/2012:

Today September series expires and the level of 5680 has developed as a level above which Nifty is hesitant to close but at the same time finding support around 40 points below this level (5640) to hold the market steady. Some volatility can be expected due to roll over pressure to October series. Longs only above 5680 spot price (around 5700 in futures) for targets of 5735-5770. Below 5680, look out for support @ 5630-5595. Happy trading !!!

View for Friday 28/09/2012:

Nifty enters October series with good gains in September and in the first few days likely to consolidate around 5630-5730 zone before deciding to take direction. However, a close above 5695 spot price will be comforting for upside in this series. Below 5695 spot price (around 5720 futures price) it is bit dicey to go long. Longs above 5695 spot can expect 5735-5770. Support of 5630 has held so far and below it 5595 is the next level of support. Happy trading !!!

Nifty gains strength above 5630 !!!

Nifty well on its way to higher level after taking support at 5535 level yesterday. A 52-week high has been done so far and some period of consolidation around 5500 to 5875 levels now. Happy trading !!!

Nifty touches 52-week high and double top formation !!!

Nifty closes at 5610 today and gives a double top close (previous highest close of the year was 5607 in February). Reversal of bullishness will be below 5580. Well poised to touch the previously mentioned level of 5875 in the result season next month !!!


Update on September 20, 2012:

Nifty has managed to hold the level of 5500 so far in spite of the negative sentiments. The level of 5565 will remain crucial tomorrow once again !!!

Weekly chart - Breakout Continues !!!

Above is the weekly chart of Nifty this weekend. The next break out should continue with some stiff resistance around 5695 levels before taking out 5875 on this new found impetus mainly driven by global cues. The chart pattern developed on the weekly is also called as Inverse Head & Shoulder pattern by technical analysts!!!

Nifty trading range expands after break out !!!

Today's gap up expands Nifty's range from 5355 to 5555 levels with a target of 5875!!!

September series Nifty view point.

Nifty series for September is currently trading in the traditional gap up and gap down zone as depicted in the chart. This zone is between 5180-5325 with swing highs of 5400 and swing lows of 5050. Currently it is expected to swing in this zone as 5215 has given support and the gap up has taken Nifty towards 5345 now. Many more days likely to be spent in filling up the gap rather than taking concrete direction.

Taken a long break and will be back soon !!!