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 !!!