OVERVIEW OF NOVEMBER 2012 Nifty Series :
This chart was posted in September and the contents of this chart is still valid for November 2012 series also and the projected level of 5875-5915 can be expected around muhurat trading day on November 13th. The level of 5705 (today's close on spot) will need to be held on closing basis here on. Range bound downside will be 5600-5550 and upside can be above 5875 towards 5965-6055. Let us see how it pans out starting the November series tomorrow. Happy trading !!!
View for Friday, October 26, 2012:
The November series begins with Nifty above the 21-SMA level which has risen to 5695 now and also a crucial level in the past series. Bullishness will continue to persist only above this level over the entire November series and a range break out is due to happen now with a largely good consolidation and acceptance of Nifty at these price levels (5695). The break out for November series will be above 5735 spot price levels now to attempt for 5775-5835 spot price on closing basis. Happy trading !!!
View for Monday/Tuesday, & Wednesday October 29/30/31, 2012:
The November series ends the first day of the series below the all important 5695 on spot price. There are two important events lined up this week:
1.) The central cabinet reshuffle and induction of young fresh new faces and sentimental favourites into the ministry can cheer up market sentiments.
2.) RBI policy announcement and better than expected rate cuts could bring further cheer to the market.
However, both these events can be dampeners too and the market can go down back to the very comfortable trading range of 5400-5600. Looking at the open interest data, the short sellers seem to be well hedged in the event of market going up. Market will definitely see a change in trading range. The first three days of the week will be the game changer. Happy trading !!!
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Another chart has been added to show the Nifty movement on the 90 minute time frame and the indicators MACD, RSI and volatility points to a break out or break down soon in the index. Break out range developed is 5730-5800-5865. Break down zone will be below 5710 spot price towards 5630 and break of that level leads to 5550. Happy trading !!!
View for Thursday, November 1, 2012:
The negative bias remains active and Nifty trying to consolidate around 5610 spot level now. On downside below 5583 (recent swing low), watch out for support at 5510-5490. Resistance will be at around 5650 levels on spot prices now. Another day of range bound trading can be expected as the open interest statistics suggest. Happy trading !!!
View for Friday November 2, 2012:
The slightly bullish undertone to the market might fructify towards higher level as the bulls might be looking to get a weekly close above 5695 levels on spot price. The important spot price level for this move to sustain is overcoming the resistance at 5650 spot prices. Nifty will be weak below 5650 levels. Happy trading !!!
View for Monday, November 5, 2012:
Nifty managed to close above the crucial 5695 levels on weekly basis and is currently above all short term and long term EMA/SMA levels ready to go up further. A small dip to support level of 5655 is very much possible for intra day today below which Nifty will be weak. Resistance will be at 5735 spot price (5760 futures price approx). Nifty is targeting for a close above 5765 on spot price to continue its journey towards newer highs of the year. Happy trading !!!
View for Tuesday, November 6, 2012:
The trading range of 5655-5715 is set for a break out towards 5765+ on spot prices with in anticipation of some more big results coming good (SBI/BPCL, etc). Watch out for break out above 5715 spot price (5745 approx in futures price). Below 5695 spot, Nifty will once again become weak. Happy trading !!!
View for Wednesday, November 7, 2012:
Today is a day of wait and watch day for the markets with all eyes set on US election results. For Nifty the technical level of 5765+ (around 5800 futures price) on closing basis is the immediate target for intra day. Below 5700 spot (5730 futures price), Nifty will be weak and drift towards 5650 levels. Happy trading !!!
View for Thursday, November 8, 2012:
Today will be the crucial test for technical levels of Nifty with the global cues being bearish. The intra day level to watch will be 5710 level on spot price (around 5740 in futures price) below which a decent fall is likely. However, Indian market can always cause an upset and de-link from global cues and spoil the party of the bears. 5710 is the important technical level for intra day today. Happy trading !!!
View for Friday, November 9, 2012:
The global cues are looking down once again today and Nifty is looking stronger than other global indices now. The level of 5710 spot will be the reversal level for intra day today. Nifty trading above 5745 spot price (5775 futures price approx) will take it ahead towards 5800 spot price (around 5835 futures price). A weekly close above 5765 spot today ensures that Nifty has de-linked from the global cues for the time being at least and pricing itself for its intrinsic value. Happy trading !!!
View for Monday, November 12, 2012:
Nifty enters a truncated week with a neutral bias. The big event lined up for today is the IIP number to cause impact. A good IIP number sets Nifty to move with the support of 5680 spot price level towards 5765-5820 level close in the festive spirit. Below 5680, Nifty will lose further strength and eventually break 5600 after the Diwali holidays. Happy Diwali and happy trading !!!
However, both these events can be dampeners too and the market can go down back to the very comfortable trading range of 5400-5600. Looking at the open interest data, the short sellers seem to be well hedged in the event of market going up. Market will definitely see a change in trading range. The first three days of the week will be the game changer. Happy trading !!!
.png)
Another chart has been added to show the Nifty movement on the 90 minute time frame and the indicators MACD, RSI and volatility points to a break out or break down soon in the index. Break out range developed is 5730-5800-5865. Break down zone will be below 5710 spot price towards 5630 and break of that level leads to 5550. Happy trading !!!
View for Thursday, November 1, 2012:
The negative bias remains active and Nifty trying to consolidate around 5610 spot level now. On downside below 5583 (recent swing low), watch out for support at 5510-5490. Resistance will be at around 5650 levels on spot prices now. Another day of range bound trading can be expected as the open interest statistics suggest. Happy trading !!!
View for Friday November 2, 2012:
The slightly bullish undertone to the market might fructify towards higher level as the bulls might be looking to get a weekly close above 5695 levels on spot price. The important spot price level for this move to sustain is overcoming the resistance at 5650 spot prices. Nifty will be weak below 5650 levels. Happy trading !!!
View for Monday, November 5, 2012:
Nifty managed to close above the crucial 5695 levels on weekly basis and is currently above all short term and long term EMA/SMA levels ready to go up further. A small dip to support level of 5655 is very much possible for intra day today below which Nifty will be weak. Resistance will be at 5735 spot price (5760 futures price approx). Nifty is targeting for a close above 5765 on spot price to continue its journey towards newer highs of the year. Happy trading !!!
View for Tuesday, November 6, 2012:
The trading range of 5655-5715 is set for a break out towards 5765+ on spot prices with in anticipation of some more big results coming good (SBI/BPCL, etc). Watch out for break out above 5715 spot price (5745 approx in futures price). Below 5695 spot, Nifty will once again become weak. Happy trading !!!
View for Wednesday, November 7, 2012:
Today is a day of wait and watch day for the markets with all eyes set on US election results. For Nifty the technical level of 5765+ (around 5800 futures price) on closing basis is the immediate target for intra day. Below 5700 spot (5730 futures price), Nifty will be weak and drift towards 5650 levels. Happy trading !!!
View for Thursday, November 8, 2012:
Today will be the crucial test for technical levels of Nifty with the global cues being bearish. The intra day level to watch will be 5710 level on spot price (around 5740 in futures price) below which a decent fall is likely. However, Indian market can always cause an upset and de-link from global cues and spoil the party of the bears. 5710 is the important technical level for intra day today. Happy trading !!!
View for Friday, November 9, 2012:
The global cues are looking down once again today and Nifty is looking stronger than other global indices now. The level of 5710 spot will be the reversal level for intra day today. Nifty trading above 5745 spot price (5775 futures price approx) will take it ahead towards 5800 spot price (around 5835 futures price). A weekly close above 5765 spot today ensures that Nifty has de-linked from the global cues for the time being at least and pricing itself for its intrinsic value. Happy trading !!!
View for Monday, November 12, 2012:
Nifty enters a truncated week with a neutral bias. The big event lined up for today is the IIP number to cause impact. A good IIP number sets Nifty to move with the support of 5680 spot price level towards 5765-5820 level close in the festive spirit. Below 5680, Nifty will lose further strength and eventually break 5600 after the Diwali holidays. Happy Diwali and happy trading !!!
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