January series 6295 spot is crucial price on closing basis !!!

Overview of January 2014 series:

The January series becomes the current month series from tomorrow and Nifty is poised to be range bound till the result season kicks in and around 9-10th January 2014 which could well be the turn date. Till then expect range bound movemebnt between support of 6120 and resistance of 6295. Various trendlines on the larger time frame converge around the 6120 support price. May the New Year bring in peace, prosperity, and profit to all.  Happy New Year and God Bless !!!

6092 spot price Strong Support level for Nifty entering December series !!!

The December series becomes the current month series for Nifty from today and the levels of 6092 is a strong support level now. Retracement towards swing high of 6212 and 6360 on closing basis is the target for bulls in the immediate short term (5-6 sessions) !!! Below 6155 spot price, intra day shorters will target 6092-6045 levels !!!UUNi

 Nifty Update:

The Nifty  touches all time today buoyed with the state election results and some profit booking can be expected failing to sustain above 6360 on closing basis. Support levels are 6235-6185 immediate short term. Resistances cannot be determined above 6360 as Nifty is trading in a totally new zone and it will take time for fresh resistance zones to develop !!! Happy trading !!!

The Nifty as expected saw profit booking around 6365-6400 level and retraced to the almost the support level of 6155 which was the resistance zone earlier.  A quiet retracement towards 6250 can be expected for the remaining sessions of the December series.  Happy trading !!!

November Series - Nifty begins the Festival of Lights with All time high !!!

Nifty begins the November series touching the all time after ending the October series exactly as projected. Now sustaining above 6200 is the key for November series. Fresh resistance levels need to be built up and till then it is only "long only " positions with 6200 spot price as the hard stop loss or reversal level !!! Happy Diwali !!! Happy trading !!!

November 3, 2013 : Muhurat Trading Session:

Trading zone 6295-6345-6395. Happy Diwali !!!

View for November series:

The correction has begun and Nifty manages to save the break out level of 6200 so far. A deeper correction means levels of 5835-5935 support zone. Otherwise, now above 6275 levels the view remains bullish. Happy trading !!!

The correction of November series continues with November series capped around 6155 levels on spot price. With two days to go for November series expiry, levels of 5970-5920 will be highly probable if 6025 level breaks early in the morning intra day tomorrow !!!

October Series - Level of 5965+ is key to October series !!!

With result season in the offing, the level of 5965 on closing basis needs to be taken out for Nifty to make bullish moves past the year high of 6229+.

View for October 7, 2013:The Nifty support @ 5875 is essential to be held on hourly closing basis for attempting close above 5940-5975. Below 5875 spot price expect 5815 and 5795 levels. Happy trading !!! 


View for Tuesday, October 8, 2013:

Positive global cues gives Nifty the opportunity of a gap up open today above recent swing high of 5950 spot. Sustaining above 5965 spot price for intra day on hourly closing basis, Nifty can target 5995-6030. With three consecutive sessions closing around 5905 level, intra day bearishness comes only below 5895 levels. Happy trading !!!

View for Wednesday, October 09, 2013:

The level of 5885 holding as support, Nifty likely to remain range bound between resistance of 5965 and expected level of support @ 5885. Bulls will be comfortable only with Nifty trading above latest swing pivot level of 5916. Happy trading !!!


View for Thursday, October 10, 2013:

Level of 6070 spot will be next hurdle on upside with support around 5935 spot price today. The immediate short term range to consolidate for Nifty is 5935-6135. Happy trading !!!


View for Friday, October 11, 2013:

The penultimate working day to Navratri gains momentum with the expected gap up and resistance will be around 6135 today. Dips to 6085 will be short covering zone for bears to exit. Bulls have painted the street red for bears. Enjoy Happy Navratri !!! Happy trading !!!

HAPPY DUSHHERRA !!!

View for Monday, October 14, 2013:

The spot price support @ 6015 is vital today for bulls on hourly closing basis after the dismal IIP numbers announced on Friday. Overcoming the resistance at 6135 is the first intra day bullish target. Scope to go short by retailers arises only below 6015 spot price. Happy trading !!!

View for Tuesday, October 15, 2013:

The Nifty will be poised to overcome 6135 spot resistance today buoyed by the good results of the market leader RIL. Immediate intra day target is close above 6185 levels on spot price. Short covering and intra day bulls will ensure this target being achieved ahead of the Bakri-Id holiday tomorrow for the bourses. Happy trading !!!

View for Friday, October 18, 2013:

The bias for Nifty is neutral and will become bullish only above a close 6135 on the weekend. Level of 6100 remains intra day level for bulls to enter. Index heavy weight RIL is bullish and holding the index at higher levels. Below 6070 (5-SMA), weakness persists but bears would enter big way on breaking 6000 levels only. Happy trading !!!

View for the week October 21-October 25, 2013:

Fresh longs only above 6200 spot for targets of 6265-6315 on closing basis. Reversal level below 6180 intra day basis for the entire week. Below 6180, target is 6070-5935. Index heavy weight stocks that could be the stars next week RIL (touching 940) and ICICI Bank (touching 1100). Happy trading !!!


View for Nifty for the week October 28,2013-November 1, 2013:


October series ends this month end and a fresh series begins on Friday. Nifty completes 5-years from the last low of 2252 in October 2008.

Now for the current week the level of 6180 remains as the reversal point from intra day perspective and no change from the view of previous week for upward target of 6265-6312. A panic bottom could likely be 6095. Nifty is still priced within the trendline which will get broken only below 6095 level approximately. Happy trading !!!

September 2013 Series - Fresh beginnings !!!

The Nifty September series opens with a heavily hedged long positions as seen through the high PCR ratio of 1.415 and it is a fresh beginning for Nifty after testing a new low of 5118. September series likely to be range bound with negative bias as long as it is trading below the long term 233-EMA/SMA levels !!!

View for Friday, August 30, 2013:

The Nifty made a strong recovery towards the 78.6% level of the last swing (5529-5119) but failed to cross it. Today this level of 5435 needs to be crossed on hourly closing basis. for total pull back towards 5529 levels. Below this level, Nifty might be range bound and scalping zone is 5335-5370-5405. Happy trading !!!

View for Monday, September 2, 2013:

The Nifty has closed above 3/5/8/13 EMA/SMA levels and poised to face resistance at the 21-SMA and EMA level of 5522 levels which will be the formidable resistance level now on closing basis. Reversal below 5455 only on closing basis. Happy trading !!!

View for Tuesday, September 3, 2013:

Yesterday Nifty crossed the hurdle of the 21-SMA/EMA combo @ 5522 to close well above it and the bullishness will persist to cross the 34 and 55-EMA/SMA levels from 5600 to 5725 levels. Intra day reversal levels below 5520 levels. Happy trading !!! 

View for Wednesday, September 4, 2013:

The Nifty failed to go past 5580 yesterday and tumbled from the 21-EMA/SMA level of 5523 yesterday breaking all supports confirming that even 34 and 55-EMA/SMA levels are formidable resistance zones now. The recent low of 5118 is the immediate destination for Nifty in the next few sessions. Resistance level will be the multi-year pivot level of 5365. Nifty currently has broken the moving average cycles decisively for the third time in a month and will remain so till a trading zone gets established. It is "short on rise" mode only as of now. Happy trading !!!

View for September 5, 2013:

The retracement process of the recent swing level is on now, 50% complete and likely to face resistance once again at 5525-5580 levels today. Intra day reversal stands at 5455 which was the level at the beginning of the week itself. Happy trading !!!

  View for Friday. September 6, 2013:

The Nifty bullish range for the day is the 34-EMA/SMA levels 5600-5695 with hourly closing above 5585 ensuring attempt to close above this level. Below 5585 on hourly closing basis due to profit booking might take it below towards the support of 21-EMA/SMA level. This week Nifty has traded around the 13 and 21-EMA/SMA level with the 34-day levels as resistance. Happy trading !!!

View for Tuesday, September 10, 2013:

The Nifty moving towards the 89-144-233 levels of SMA/EMA after having risen systematically above all the short term moving averages. The figures says it all. Level of 5650 will be intra day reversal on hourly closing basis with resistances at 5720-5760-5800. Happy trading !!!

View for Wednesday, September 11, 2013:

Nifty at highs with biggest single day gains recorded in four years yesterday and suddenly all looks ultra-bullish and time to exercise caution below the level of 5810. As long as above this level, Nifty will try to consolidate between 5810-6010 range in the next couple of sessions. A weekend close above 6010 will be the target of bulls. For intra day today, buying on dips up to 5835 is the way to go. Happy trading !!!

View for Thursday, September 12, 2013:

The bullish range for intra day players only is 5910-5950-5990. Below 5910, remain short for target of 5850-5810. Happy trading !!!

View for Friday, September 13, 2013:

The Nifty will be repricing itself after the better IIP numbers and some realignment of prices in currency markets might impact the movement of Nifty today. Currently, Nifty is in overbought zone and the support level of 5750 is a safe exit point for intra day players. Above 5835, Nifty will be bullish to retrace back to 5950-6000 levels. Happy trading !!!

View for Monday, September 16, 2013:

The Nifty has traded and closed above all long term EMAs/SMAs except the 3-SMA level of 5881 which is the hurdle currently. Support @ the 233-SMA level of 5812 is crucial on Monday. Bullish trading zone with 5835 as stop loss is 5885-5985 and bearish target is 5775-5725 on break of 5800 level with 5835 as stop loss. Happy trading !!!

NB: For the remaining part of the month of September, I will be on a break from trading and hence no daily update of views on the blog !!! Happy trading !!!

Nifty August 2013 Series - Trading below support levels !!!

View for Friday, July 26, 2013:

The August series becomes the current month series today after July  series ended below the crucial support level of spot price 5935 (20-DMA level now. As per the chart above, a change in trend will be only above 5980 spot price on weekly closing basis. Today being a weekend and also beginning of the current month series provides this opportunity for Nifty. It is short on rise mode till then with reversal pegged at 5980 on closing basis.

View for Monday, July 29, 2013:

The Friday close of Nifty is below all short term EMAs/SMAs and the crucial levelto be watched is 89-SMA of 5857 below which is the 233-EMA/SMA levels of 5760/5799.  The RBI policy news tomorrow will be the trigger for any positive change. Till then it is "sell on rise mode" with reversal pegged @ 5935 spot on closing basis. Happy trading !!! 

 View for Tuesday, July 30, 2013:

A big day for the market with RBI policy announcement likely today which might ultimately turn out to be a non-event. Technically Nifty trading above 5895 can take it towards and above the 21-DMA level of 5930. Close above this level is prerequisite for fresh positional buying. Below 5840, the 233-EMA/SMA levels (5800-5762) is ready to welcome Nifty. Happy trading !!!

View for Wednesday, July 31, 2013:

The Nifty has closed below short term and long term EMA/SMA. Now the previous support levels are the next targets for bears viz., 5690-5630. Short term bounce up to 5860 is possible and now reversal will now be only above the 89-EMA/SMA level of 5860. Happy trading !!!

View for Thursday, August 1, 2013:

The Nifty ended the month of July below all long term EMA/SMA combo and now comes the time to test these levels in form of resistance. A close above the 233-SMA level of 5797 spot is the key for confirmation of short term reversal primarily driven by short covering rally. Happy trading !!!

View for Friday, August 2, 2013:

Today being the weekend, a close above the 5-EMA/DMA level of 5790/5815 will infuse a short covering rally will infuse a short covering rally on the upside towards 5865. Below 5745/5753, the (3-EMA/SMA), Nifty is in sell mode on hourly closing basis for targets below 5675 towards 5635. Happy trading !!!

View for Monday, August 5, 2013:

The cluster of EMA/SMA of different time frames are around 5850-5865 zone with the 233-EMA developing @ 5759 at the beginning of this week. Nifty closing below all these levels over previous week will face huge resistance and selling pressure around 5865-5910 range on bounce back. Support formation @ 5715/57 (3-SMA) is essential for fresh buying. Below 5650 spot, levels of 5590-5555 look to be the next support levels. Happy trading !!!

View for Tuesday, August 6, 2013:

The Nifty has paused at the crucial support levels of 5650 over the past couple of sessions and forming a stable trading zone between 5650-5800. Support levels on break of 5650 are 5615-5580. A close above the resistance level 5765 signals short covering rally towards 5850-5910. Happy trading !!!

View for Wednesday, August 7, 2013:

With all technical levels having been broken decisively, pull back to 5665 levels will be the heavily resisted level now. The level of 5555 spot (5590 futures approx) once again becomes important for intra day retail traders on hourly closing basis. Support below 5520, will be this year's lowest swing level of 5477 spot and 5375. Happy trading !!!

View for Thursday, August 8, 2013 :

The Nifty made another new low yesterday near to previous swing low of the year and currently trading just above the low of the year 2013. A double bottom scenario exists currently on the charts and major moves can be expected only after the long weekend. For intra day the level of 5575 spot (5610 futures approx) will be the hourly closing level to watch to trade the range long towards 5665 or short towards 5465. Happy weekend. Happy trading !!!

View for Monday, August 12, 2013 :

The 5-EMA/SMA are at 5600 and the 8-EMA/SMA is 5650-5665 levels. These are the intra day bull targets for the day. Below 5565, the bearishness of the previous week will continue. Happy trading !!!

View for Tuesday, August 13, 2013:

With negative IIP numbers and SBI results after market hours yesterday, today the Nifty reaction likely to be choppy and bearish below 5575 spot price. Now break out zone is above 5645 levels towards 5690+ close for bulls. Below 5575, the bears will exert pressure sell more to break the swing lows and get a close below 5485. Happy trading !!!

View for Wednesday, August 14, 2013:

The Nifty having closed above the short term EMA/SMAs (3/5/8 levels) will now attempt to close above the 13/21 EMA/SMA levels of 5710-5775 levels today. Weakness will be now only below yesterday's break out level of 5645 levels. Happy trading !!!

View for Wednesday, August 16, 2013:

The Nifty will face resistance around 5810 levels as per the most recent chart analyzed above and the price profile of 5810-5665-5485 is the trading zone.  For today (August 16th weekly close), the level of 5755 is vital on hourly closing basis.  Happy trading !!!

View for Monday, August 19, 2013:

The Nifty has broken all short term EMA levels on Friday and closed well below that putting it in a sell on rise mode. Intra day players will watch for previous swing low of 5475 to hold @ least till EOD tomorrow hoping for short covering rally. Below 5475, next levels are 5395-5365. The exit pressure in cash market will likely be around 5565-5595 levels. Happy trading !!!

View for Tuesday, August 20, 2013:

The multi-year pivot level of 5365 is crucial to be held on closing basis for Nifty. Bias will remain bearish with resistance at 5425-5480 levels. Below 5365, major support levels previously has been  @ 5210-5180 levels. Happy trading !!!

View for Wednesday, August 21, 2013:

With recovery from the new low of 5306 yesterday, the retracement process of the fall can now take Nifty past 5425-5480. Overcoming resistance and close above 5480-5500 level is the key for bulls to build long positions.  Level of 5395 is important to be held on hourly closing basis for intra day bulls. Below 5395 on hourly closing basis, the fall will continue to new lows below 5306. Happy trading !!!

View for Thursday, August 22, 2013:

With Nifty making yet another new low yesterday @ 5268 and bouncing back to close @ 5302, the next bounce back (support) levels are 5180-5145. Resistances assume importance now as it is "short on rise mode" and is at 5395-5425 levels. Happy trading !!!

View for Friday, August 23, 2013:

Nifty has created a lower low yesterday and a lower high over two days and bias will change to positive only trading above 5425 spot on hourly closing basis and EOD closing above 5500. These levels are being resisted and formidable supply zones. Below 5395, another lower low below 5255 is a strong probability. Happy trading !!! 

View for Monday, August 26, 2013:

The intra day target for longs above 5465 is 5535-5565. Reversal below 5465 on hourly closing basis towards 5425-5395. Happy trading !!!

View for Tuesday, August 27, 2013:

 
The Nifty after a range bound session yesterday is in a balanced zone around the 5465 levels below which 5400-5335 are likely levels of support. Above 5465, the level of 5530 already tested yesterday beyond which 5595 is the next strong resistance. Happy trading !!!

View for Wednesday, August 28, 2013:
The Nifty once again below all short term SMAs and EMAs likely to test 5215-5185 and currently in search of a suitable bottoming out level. An overtly short market might see a rally with expiry rollover gathering momentum towards 5335-5365. Upside looks capped @ 5335 with Nifty having closed at the lowest level of this year (2013) yesterday ahead of August series expiry day. Happy Janmashtami !!! Happy trading !!!

View for Thursday, August 29, 2013:
With Nifty making a new low yesterday at 5118 and recovering to 5300+, the level of 5335 is the level for intra day bulls to enter if rally is going to sustain towards 5400+. Below 5335 spot price, Nifty will continue its retracement process to test new lows. Happy trading !!!

Nifty July Series - Rangebound and volatile so far !!!

View for Thursday July 11, 2013:

After the last hour fast fall of yesterday below 5860 spot, Nifty will try to latch on to the 5800 low of yesterday and try to move ahead. The intra day bulls will be active only above 5860-5890 spot price for higher targets and play the break out of the recent swing high level of 5905.  Below 5860 spot Nifty will continue to remain weak. Happy trading !!!

View for Friday, July 12, 2013:

The result season kicks off with Infy results coming today and Nifty closing above 6045 is the next level for bulls to take it further provided the result season kicks off with positive guidance from Infy. Should Nifty fail to close above 6K today, a volatile fast fall set up likely to emerge below 5895 spot price. Happy trading !!!

View for Monday, July 15, 2013:

Nifty is trading above all short term and medium EMA/SMA and the highest medium term SMA/EMA is the 55-day SMA/EMA of 5953/5888. As long as Nifty trades above these levels over the next week, no hassles for bulls who are well hedged. Intra day break out above 6025 for targets of 6065-6100. Intra day reversal level below 5985 on hourly closing basis. Happy trading !!!

View for Tuesday, July 16, 2013:

With RBI stepping in to strengthen rupee and no policy in sight now to make money cheap for corporate, Nifty is set to plummet to the support levels of 55-EMA/SMA of 5950-5890. When uncertain economic state strikes, the first to take the hit will be the market. Trade cautiously. Happy trading !!!

View for Wednesday, July 17, 2013:

With a high dose of reform announcement in various sectors and steps taken to woo FDI on long term basis, the market will stabilize around around levels of 5850-6100 in immediate short term. For intra day level of 5985 spot price is reversal with break out above 6045 spot price. The well hedged bulls are ready to take it up any time. Happy trading !!!

View for Thursday, July 18, 2013:

The Nifty has managed to close above the 55-EMA (5950) and poised to take direction either side of these levels. Bullish zone is 5985-6085 with close above 6045. Bearish set up is 5935-5835 and closing below 5865. The no-trade zone is 5935-5985 now. Playing the break out is more prudent for which one has to wait patiently and watch the market and news flow with full concentration. Happy trading !!!

 View for Friday, July 19, 2013:

The Nifty after yesterday's last hour recovery closed near to the current swing high of 6050 and likely to continue towards 6100 spot price. Trading well above all short term EMA/SMA, consolidation around 6000-6100 levels ahead of July series expiry can be expected. Bullish range for the day 6045-6080-6115. Hourly support of 6000 spot price is crucial, below which 5935 is the strong support zone. Happy trading !!!

View for Monday, July 22, 2013:

The Nifty bullish range for the day 6015-6065 (already done)-6100. Bearish range is 6005-5975-5935. Happy trading !!!


 View for Tuesday, July 23, 2013:

Bullish levels for the day 6065-6095-6130.
Bearish level below 6005-5975-5935. 
Hourly closing below 6020 is reversal level.
Happy trading !!!


View for Wednesday, July 24, 2013:Following RBI steps to tighten the rupee yesterday, Nifty likely to trade flat with 6035 spot price as the reversal point on hourly closing basis. Bullish range is 6085-6130-6155. Bearish range is below 6035 to 5995-5965. The flat no trade zone is 6035-6085. Happy trading !!!

View for Thursday, July 25, 2013:

The Nifty was in correction mode yesterday and today with expiry and roll over pressure to next series, volatility might make the Nifty swing either way of 6030 levels. A gap up opening will be bullish with the rise of USDINR having been stalled with RBI intervention. Happy trading !!!