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 !!!