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 !!!
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