View for Friday. February 1 2013:
February series begins with Nifty trading in the borderline support/resistance level 6000-6095. Level of 6095 is break out zone for Nifty for this month from a bullish standpoint to reach new highs past the life high level of 6357. Below this level short term weakness likely to persist with lower supports of 5965. Happy trading !!!
View for Monday, February 4, 2013:
February series broken down from the series SAR level of 6055 and touched the low of 5983 on spot on Friday. Now, 6055 will remain as SAR level and resistance level with support of 5965. Break of these levels give break out towards 6100-6150 on upside and below 5965 support levels of 5920-5870 spot price comes into play. Happy trading !!!
View for Tuesday, February 5, 2013:
Expected trading range after yesterday's failure to move above 6055 spot is 5965-6010-6055. Overcoming resistance and closing above 6055 makes it bullish whereas below 5965 look for a fast fall towards 5920-5890. Happy trading !!!
View for Wednesday, February 6, 2013:
Nifty has had three consecutive closes below the 21-day EMA/SMA levels of around 6030 and yesterday's close is below the 34-EMA/SMA level too. The final support level short term is the 55-EMA/SMA level of 5920 level. A bounce back can be expected up to 6020-6045 level on short covering. Bullish bias now returns only with a close above 6065 spot price. Indecision leads to higher volatility and a few wild moves either side of 5990 levels is on the cards. Happy trading !!!
View for Friday, February 8, 2013:
Level of 5975 remaining intact on hourly basis gives hopes for recovery on the weekend for bulls for a weekly close above 6030 levels spot. Below 5975 spot price Nifty has already become weak and likely to see 5900-5875 levels now. Happy trading !!!
View for February 12, 2013:
Support of 5865 spot price crucial and overcoming resistance of 5930 makes the objective of Nifty clear for the day. Hourly levels remaining above 5910 spot Nifty could well attempt to close above 5955. Below 5910 spot price, support of 5865 and 5825 are the levels to be expected. Happy trading !!!
View for Wednesday, February 13, 2013:
Nifty has closed above 5910 yesterday and will likely consolidate today around 5965 spot price to give bullish signals once again. Weakness will accentuate below 5910 spot price towards 5865-5825 levels. Happy trading !!!
View for Thursday, February 14, 2013:
Nifty has closed above 5-SMA level of 5918 yesterday and now will likely target the 20-SMA level of 6005 where huge selling pressure will set in as overall sentiment is still bearish. Below 5918, levels to watch are 5865-5825. Happy trading !!! Happy Valentine's day :)
View for Friday February 15, 2013:
Yesterday Nifty broke down from the 5925 spot levels and closed below 5900 once again. The level of 5925 will remain reversal point on hourly basis. Support of 5865 and 5825 and resistance at 5925 and 5965 has already been seen this week. Happy trading !!!
View for Monday, February 18, 2013:
A fresh chart has been uploaded for the February series and after having broken down from 6055 levels to test lows of 5855, Nifty could attempt to bounce back towards 5925-6030 levels on Monday due to the oversold state of the index causing some short covering. Next major support level is 5785 spot price. Happy trading !!!
View for Tuesday, February 19, 2013:
Nifty is still unable to trade and sustain above the 5910 spot price level and the views remain same as yesterday. Bullish levels 5910-5945-5980. Below 5910, base of 5875 has already been tested and formed below which 5840-5810 levels can be expected. Volatility has increased and the moves are likely to be sharper and fast either side of 5910. Happy trading !!!
View for Thursday, February 21, 2013:
Nifty closed yesterday at the level of 5943 and remained above 5935 spot price throughout the day after a gap up open. Now some consolidation around this level of 5935-5995 is expected before taking direction. Below 5910, Nifty will continue to remain weak. Happy trading !!!
View for Friday, February 22, 2013:
Nifty corrected below 5910 yesterday after gap down opening. Today Nifty will be groping to find an appropriate short term bottom level support. The immediate support is at 5815-5785 level spot price below yesterday's low. 5910 will be the resistance level to cross now. Happy trading !!!
View for Monday, February 25, 2013:
Nifty enters the expiry week of February series and largely having traded below the SAR level of 6055 at the beginning of the series and remaining range bound can now likely once again attempt to retrace towards the level of 5950-5995 sustaining above 5895 spot price. First step will be a close above 5910 and there after the bulls take charge for the remaining days of the week to induce short covering in an oversold index. Happy trading !!!
View for Tuesday, February 26, 2013:
Technical levels short term are getting consolidated around 5850 spot price of Nifty and now the reversal level for today will be trading above 5890 on hourly closing basis today to confirm a change in trend. Below 5890, Nifty has already tested 5825 and next support level is 5785. In view of the two big events, Railway budget followed by the Union budget, caution needs to be exercised while trading the index as it is very near to the break down levels. Break out level will now be only with a close above 5935 with 5890 as the reversal point. Happy trading !!!
View for Wednesday, February 27, 2013:
Yesterday was the lowest closing of the February series and now the trend is negative as long as Nifty trades below 5850 spot which is now resistance zone. Next support levels are @ 5725-5680 zone which is the 144-EMA/SMA levels now. Happy trading !!!
View for Thursday, February 28, 2013:
Nifty enters the February series expiry day today with the event of budget unfolding and is now trading just below the 5-SMA level of 5823. Today a positive budget could change the bearish trend to bullish and Nifty could swing from 5825-5875-5925 zone. Trading below 5825 spot price, the support of 5750 can break likely to give lower levels of 5680. Volatility will be high. Happy and safe trading !!!
