Nifty April series closed at the highest level of the series @ 5916 and now the focus on May series with this brief over view.
Bulls target 5965-6075-6110-6175 above 5890.
Bear target below 5890, 5825-5710-5535-5475.
The range of 5825-5965 is the current trading range (2-3 days consolidation before taking direction !!!
View for Friday, April 26, 2013:
The May series begins on a high note with Nifty closing the April series on a bullish note above all high EMAs/SMAs. To keep the trend intact, a consolidation around the range of 5890-5965-6025 is the challenge for the bulls over the next week. Nifty closing above 5965 spot today is the first step towards this goal. Below 5890, support exists at 5835-5795. Happy trading !!!
View for Monday, April 29, 2013:
The view for Nifty intra day continues to be bullish above 5890 spot price towards 5910 (already done) and 5955. Below 5890, sideways movements to find support around 5845-5795 levels. Happy trading !!!
View for Tuesday, April 30, 2013:
The Nifty has traded range bound for past 2-3 sessions and now consolidated around 5870 support well enough to attempt a move towards a close above 5940-5965. Below 5890, weakness perception creeps in and above 5890, strength perception increases. Happy trading !!!
View for Thursday, May 2, 2013:
The Nifty is technically in overbought zone and an inside day can be expected today broadly trading within 5865-5965 levels on spot. Level of 5910 will be the area of support of reversal/support. Happy trading !!!
View for Friday, May 3, 2013:
The Nifty will take decisive direction today based on the RBI policy announcement on rate cuts. Being in overbought condition, market is already at higher end of the trading range and ready to go up towards 6085-6135 if the policy announcement is welcomed by the market. Support at 5965 is crucial on hourly closing basis today. Below 5965, the Nifty will become weak and volatile and can fall fast towards 5890-5835. Happy trading !!!
View for Monday, April 6, 2013:
The bullish range for Nifty intra day is 5980-6025-6055. Bearish range for the day is 5980-5940 (already done)-5890. Level of 5980 will act as reversal point. Happy trading !!!
View for Tuesday, May 7, 2013:
The Nifty will attempt to cross 5980 level towards 6035 levels failing which the bottom of 5930 created now might get broken towards 5890-5865. The level of 5980 needs to be held on hourly closing basis today. Happy trading !!!
View for Wednesday, May 8 , 2013:
A day of consolidation for the Nifty if intra day swing low level of 6005 is held on hourly closing basis for the day for targets of above 6065-6095. Below 6005, supports are @ 5980-5930. Happy trading !!!
View for Thursday, May 9, 2013:
The bullish note for Nifty will sustain above 6065 levels now for target of 6110-6135. Reversal point for intra day players will be 6035-45 zone. Below 6035, support of 5995-5965 come into play. Happy trading !!!
View for Friday, May 10, 2013:
With the IIP number scheduled to be announced today, Nifty will remain range bound before taking further direction. Below support of 6040 are the levels of 5980-5965. Sustaining above 6100 spot only will Nifty will move towards 6135-6185 levels. Happy trading !!!
View for Monday, May 13, 2013:
The Nifty has had its highest daily close of the year @ 6107. Now the bullish momentum will sustain above 6135 spot price towards 6185 spot on closing basis. Below 6080 support price on spot, intra day weakness will set in. Happy trading !!!
View for Tuesday, May 14, 2013:
A quiet day can be expected after the Nifty took unexpected downturn yesterday to close below 5980. Nifty will seek support @ 5815-5855 levels zone as long it trades below the level of 6010. The interim support zones will be 5965-5890. Resistance will be 6010-6075. There is no point buying first and getting stopped out in a falling market. It is sell first and buy later scenario. Happy trading !!!
View for Wednesday, May 15, 2013:
After having taken support @ 5970 levels for two sessions, once again closing above the resistance levels of 6050-6085 will put Nifty in bullish orbit. Break of support @ 5970 spot price today will take Nifty towards 5925-5895. Happy trading !!!
View for Thursday, May 16, 2013:
Yesterday's move up above 6050 induced the short covering rally taking Nifty to the highest close of the year so far @ 6147. Now Nifty is in a new trading level band of 6135-6185-6235-6285. Level of 6095 is reversal level on hourly closing basis for intra day traders. Happy trading !!!
View for Friday, May 17, 2013:
The Nifty enters this weekend with good gains from the low of 5970 and managing highest close of the year @ 6170. Now 6215-6260 are the upside targets with continuing bullish momentum above 6135. Reversal below 6135 towards 6090-6045. Happy trading !!!
View for Monday, May 20, 2013:
The Nifty after closing at the high of the year @ 6185 is in overbought state and some consolidation can be expected around the level of 6135 for a couple of days before making move towards 6265-6315 zone. Below 6135 only it will be bearish and likely test 6090-6030 levels. Happy trading !!!
View for Tuesday, May 21, 2013:
The Nifty is in a consolidation mode as long as it trades above 6135 for higher targets of 6215 (already done) and 6295. Below 6135, levels of 6085 and 6030 are likely support levels. For intra day traders, the level of 6185 needs to be sustained on hourly closing basis. Happy trading !!!
View for Wednesday, May 22, 2013:
The Nifty is in consolidation/correction mode. Support level below 6135 are 6095-6035. Above 6165 closing basis, bullishness gets restored. Happy trading !!!
View for Thursday, May 23, 2013:
The Nifty is on the downward journey confirmed with break of 6095 level yesterday. Resistance level is now 6135. Support of 6015 likely to get tested below 6095. Happy trading !!!
View for Friday, May 24, 2013:
The Nifty closed yesterday after breaking the 21-Day SMA levels to close well below it now. This level 6045 will be resistance. The previous support of 5930-5890 come into picture now on the downside. There will be intermittent spurts of short covering leading to good trade set up for the intra day traders to scalp by going long. Happy trading!!!
View for Monday, May 27, 2013:
The Nifty after moving down last week will again try to climb up and close above 6085 this week. The level of 5980 remains important level today intra day with resistance @ 6045. Support of 5930 is crucial below which levels of 5890-5845 can be tested. Happy trading !!!
View for Tuesday, May 28, 2013:
The Nifty retraced 50% of the previous week's fall to close @ 6082 to give a wide range for this week. A couple of inside day can be expected now. Intra day reversal point on hourly closing basis will be 6085. Bullish zone 6100 to 6135-6155. Below 6085 will be corrective zone towards 6035-5985. Happy trading !!!
View for Wednesday, May 29, 2013:
The Nifty has clawed back into bullish territory with yesterday's close above 6100 level. Bullish zone for intra day today is 6135 spot to 6165-6200 on closing basis. Below the level of 6100, fast fall set up likely to develop with volatility ahead of the May series expiry towards 6025. Happy trading !!!
View for Thursday, May 30, 2013:
The May series of the Nifty expires today and essentially the reversal level for intra day level remains 6135 spot price and to continue the bullish trend a close above 6165 is required entering the June series. Below 6135, Nifty will likely remain range bound today to close above 6045 support levels. Happy trading !!!
