Nifty April Series Overview : Nifty closed the March series just above the break down level after taking support around the 233-EMA level of 5635 and closing well above it today on spot price. However, this level is a "cross road" level ahead of the long weekend due to Good Friday holiday tomorrow !!!
View for April 1, 2013:
The Nifty close last week was at the cross road level of 5682, and now the trend direction will get resolved either towards 5750-5795 spot price with a gap up opening today or trade flat and test the support level of 5600. Low volumes arrests the down side as fresh buyers are unwilling to enter from the ever willing sellers. Happy trading !!!
View for April 2, 2013:
The Nifty is still trading in a very tight trading levels with support at 5630 and resistance at 5735 spot price. Trading above 5665 today is good for bulls towards the safer levels of 5735-5765 on closing basis. Below 5665, the Nifty can fall to support level of 5635 and break of that level leads to 5595. Happy trading !!!
View for April 3, 2013:
The Nifty has closed in the higher end of the bullish gateway above 5735 (around 5755 futures price) for targets of 5795-5825 spot price and this level can be used as support point by intra day traders today. Below the swing lows of 5680, Nifty can fall fast once again towards 5600. Happy trading !!!
View for Thursday, April 4, 2013 :
The Nifty had a sell off after failing to cross 5745 spot yesterday and touched a swing low of 5650. Once again 5665 becomes important level and Nifty trading below this level is bearish towards 5635-5595 levels. The level of 5695-5735 spot is the bullish zone for intra day trades today. Happy trading !!!
View for Friday, April 5, 2013:
The Nifty cracked yesterday to close at new lows below 5600. Now it is closer to the 233-SMA level of 5545, and a temporary range from support of 5545 towards 5640 is likely to develop. Bias is negative. It is short on rise mode now. Reversal to bullish territory will only be above 5695 spot price levels. Happy trading !!!
View for Monday, April 8, 2013:
Some bottom fishing time technically short term for Nifty with supports of 5475-5545 being strong with an oversold index and Nifty closing just around this range on Friday @ 5554. Now a bounce up to 5645 can be expected should with short covering after taking support at the support levels. Happy trading !!!
View for Tuesday, April 9, 2013:
The Nifty had an inside day trade level yesterday and is set for change of range. Bullish range will be above 5575 spot price (5595 futures price approx) for 5615-5640. Below, 5530, fresh shorting will play the role to take it down further towards previous support levels of 5475-5435. Happy trading !!!
View for Wednesday, April 10, 2013:
The expected change of range happened for Nifty. Now a couple of days might turn out to be inside days with sudden outbursts of volatility. Not a nice time for scalping, but good time for break out trading. Level of 5575 is resistance and support of 5435 is now important from intra day perspective. Happy trading !!!
View for Friday, April 12, 2013:
The Nifty likely to see fluctuations either side of 5600 spot price as results season starts today with Infy yearly numbers and later the IIP numbers. Expected range for day is 5550-5610-5670. Level of 5610 spot (around 5625 futures price) needs to be sustained for intra day bulls with close above 5670. Happy trading !!!
View for Monday, April 15, 2013:
The Nifty likely to trade and test support levels of 5475-5435 in the event of failure to overcome resistance at 5570 spot price. Bias is negative. Volatility is rising and it is short on rise as resistance/supply at higher levels is increasing with no buyers at lower levels except short covering rallies. Happy trading !!!
View for Tuesday, April 16, 2013:
The Nifty as expected unable to hold at higher levels and fresh long positions can be built only above 5595 spot price (yesterday's high for target of 5630-5675. Below 5535, Nifty has already tested 5500 level and next support levels are 5435-5395. Happy trading !!!
View for Wednesday, April 17, 2013:
The Nifty has entered the bullish zone with a close above all short term moving EMA/SMAs (5 to 21-EMA/SMA). Now the next hurdles are the 34-EMA level of 5702 and 55-EMA of 5750, which it might do today with support of the expected spurt in price of the heavy weight index stock RIL. The chart above projects levels of 5735-5775 for today. Intra day weakness below 5630 only. Happy trading !!!
View for Thursday, April 18, 2013:
The Nifty is back where to it began the April series as seen in the chart when April series began and retraced almost back to the level of 5735 with yesterday's high of 5733. Now the level of 5680 on spot price is significant and Nifty needs to trade in the range of 5700-5780 and get a close above 5765 levels from the bullish point of view. Below 5680, it is back to the old levels of this series 5630-5545. Happy trading !!!
View for Monday April 22, 2013:
The Nifty after having closed strongly before the long weekend is expected to now move in the bullish zone of 5800-5855-5910 levels. Level of 5765 is major support below which intra day weakness can creep into test 5720-5675 levels. Happy trading !!!
View for Tuesday, April 23, 2013:
The Nifty is now in overbought and some consolidation can be expected around 5765-5815 levels now with limited swings either side of the range end towards 5900 on upside and/or 5680 below 5765. Currently Nifty is trading above all moving averages short term as well as long term and downside looks limited. This is also a truncated week with tomorrow being a holiday for Mahaveer Jayanti. Happy trading !!!
View for Thursday, April 25, 2013 :
The Nifty is in the bullish zone and with April series expiry today intra day trading could be volatile as settlement price is likely to be at the highest level of the spot Nifty for the month of April. Bullish zone 5855-5910-5965. Below support level of 5835 spot, intra day swing can take it towards 5795-5755. Happy trading !!!
