June 2013 Nifty series overview :
The Nifty May 2013 series has had the highest series closing @ 6124 spot today. Tomorrow onwards June 2013 series will be more actively traded as it becomes the current series. The overall trend will be positive above 6135 spot price towards 6185-6225 initially in the series. Above 6225 Nifty will attempt to make new life time highs above 5355 towards 6455 on closing basis. The chart above depicts the journey of Nifty over the past many months. Happy trading !!!
View for Friday, May 31, 2013:
A weekend, month end, and beginning of a new series converging on the same day today and it is the right time for Nifty to close above the highest monthly closing ever today above 6140. Bullish targets are 6185-6210 above the level of 6135. Support is 6100 and 6065 spot price. Happy trading !!!
View for Monday, June 3, 2013:
The Nifty is "sell on rise mode" with the level of 6080 being the resistance level. Hourly closing levels will be closely watched above 6045 by intra day players for weakness/strength of the index. Support below 5970 is 5930-5895. Happy trading !!!
View for Wednesday, June 5, 2013:
The Nifty has closed below previous swing low of 5935 and the slide could continue now towards 5875-5835 spot price. It is very much "Sell on rise mode" with reversal pegged a few ticks above yesterday's high of 5995 spot price. Hourly closing above 5995 is the level that will be watched by intra day bulls to take it forward towards 6025-6045. Happy trading !!!
View for June 7, 2013:
The Nifty failed to sustain above 5935 yet again yesterday and now headed towards 5845 levels. The currency market needs to settle as it is having an impact on equity valuations and it will take at least at least a fortnight to resolve. The adage "Sell in May and go away" has been proven to be right in the first week of June itself. Happy trading !!!
View for Monday, June 10, 2013:
The week is crucial for Nifty with volatility set to break out and a lull before the RBI policy meet due next week can be expected with some muted moves either side of 5935. This level of 5935 just cannot be ignored as of today try as hard one can it will come back. Range for Nifty over the next two days likely to be 5815-5865-5935-5985. Happy trading !!!
View for Tuesday, June 11, 2013:
The negative bias for Nifty continues as seen yesterday touching support levels of 5865. Today the level of 5815 can be expected failing to trade above 5910. Above 5910, Nifty can surprise by going up to 6000 levels. Happy trading !!!
View for June 12, 2013:
The Nifty is now trading below all long term EMA/SMA levels land the 233-EMA/SMA are the levels that are left to be broiken viz. 5730/5710 levels. Nifty might take support around these levels and the retracement process might fructify. It is still short on rise mode. Happy trading !!!
View for Thursday, June 13, 2013:
The turmoil in the market for bulls will increase with increasing VIX (volatility) and lower lows being done daily. Break of 233-EMA/SMA 5735 level leads to 5675-5645 on the downside. Resistance @ 5825 spot price. Happy trading !!!
View for Friday, June 14, 2013:
The Nifty has closed below 5700 levels and is in oversold territory. Ahead of RBI credit policy on Monday some squaring off of positions is likely leading to short covering to take Nifty @ and above the 233-EMA level of 5740. Support @ 5675 levels is crucial today. Below 5675, level of 5630-5595 are the previous support levels. Happy trading !!!
View for Monday, June 17, 2013:
The Nifty is in a neutral level of trading level ahead of the RBI credit policy announcement today. Bullish zone will be 5815-5865-5925. Below 5815, support levels of 5785 and 5735 likely to be tested. Happy trading !!!
View for Thursday, June 20, 2013:
The Nifty continues to be in short on rise mode up to 5825 and yesterday closed at the high end of the falling range. Reversal to bullish tone only above 5865 on closing basis. Below 5825 spot closing for the past 4 days and now will likely test the lower end below 5765 towards 5735-5675. Happy trading !!!
View for Friday, June 21, 2013:
The total break down of technical levels below 5735 yesterday and now Nifty will be searching for bottom formation. The lower level supports below 5630 spot price is 5595-5555. It is time to take a holiday for intra day traders till the global cues do not improve as whipsaws can result in unpredictable losses. Happy trading !!!
View for Monday, June 24, 2013:
The Nifty will continue to remain weak as long as it does not close above 5735 which is the area of a cluster of long term moving averages now. Earlier support level of 5630-5555 are areas to watch. Happy trading !!!
I will be on a two week break from trading !!! Have a great time !!! Happy trading !!!
