Trade Plan - July 14, 2011

Nifty remains above 5555 levels on spot prices today. VWAP @ close is 5584. Nifty closes at 5585.

1) The bias is still sideways till Nifty does not close above 5610 on spot prices for target of 5665-5730.
2) Below 5555, the levels of 5490-5420 are support levels.
3) The results of heavy weight index stocks in this QE-1 earnings season is very crucial for Nifty to remain above the long term weekly support of 5555 level.  The 5-EMA level at close today is 5597 and this level will be important level to watch tomorrow.  Happy trading!

Trade Plan - July 13, 2011

Nifty opens gap down and closes in the red well below the important support level of 5555. VWAP @ close is 5548. Nifty closes at 5526.

1) Nifty has now fallen below all important short term support levels and needs to stabilize around 5555 on spot prices. Reversal level will be 5555 level tomorrow.
2) Below 5515, Nifty can fall to 5480-5415 level.
3) Nifty broke the 5-EMA level yesterday and today fallen below the 34-EMA level of 5544.  Happy trading :)

Trade Plan - July 12, 2011

Nifty falls to 5600 levels and trading at important support level of 5610 ahead of the expected big results. VWAP @ close is 5632. Nifty closes at 5616.

1) Nifty needs to trade above 5665 for the bullish view to hold for targets of 5700-5745-5800. As mentioned in weekly update the results of the big heavyweights in index holds the key.
2) Below 5600, levels to watch 5550-5480.
3) Nifty has closed below the 5-EMA level today and the bias is negative as long as it trades below the 5-EMA level of 5642.  Happy trading :)

Trade Plan - July 11, 2011

Nifty opens gap up but fails to cross the 200-SMA level of 5744 and trades range bound most of the day between 5690-5725 to fall further in last hour to close at near the lows of the day @ 5661. VWAP @ close is 5711.

1) Reversal level for Monday is 5690+ level for target of 5730-5770.
2) Below 5665, levels to watch are 5600-5575.
3) The 5-EMA/SMA level is 5655/5659 at close today and Nifty spot has closed just above both these levels. Happy weekend! Happy trading:)

Trade Plan - July 8, 2011

Nifty closes above 5700 levels and looks to move up with high expectations from the QE 1 result season. VWAP @ close is 5703. Nifty closes at 5729.

1) Bullish range for tomorrow will be above 5745 only for target of 5780-5820.
2) Reversal level to think of shorting remains @ 5665. This level was the hurdle so far over the week and Nifty has overcome that level today. Below 5665, the next major support level will be 5600-5555.
3) Nifty is trading above all long-term and short-term EMAs and SMAs except the 200-SMA level which is now at 5744. A weekly close above 5745 sets Nifty up for 5855+ levels. The market is moving towards this important level of 200-SMA and it signifies a bullish undertone now and market expectations are now obviously high with the QE-1 earning estimates. Happy trading :)

Trade Plan - July 4, 2011

Nifty opens gap up above 5700 and falls from there gradually to close marginally in the red at 5627. VWAP @ close is 5648.

1) Some consolidation expected around 5600-5665 level now, before move above 5665 for target of 5720-5765. Reversal level on Monday will be 5665 and above only.
2) Below 5610, Nifty will remain weak and could fall to 5580-5550.
3) In the morning two charts of Nifty and Bank Nifty posted with the 52-week update and key resistance and support levels for the market. Happy weekend! Happy trading!

NB: I am taking a break from trading for a week and will be back with posting daily trade plans only next weekend (July 8th). Happy trading :)

The 52-week update

It is time to review the 52-week chart with the QE-1 earning seasons beginning.

1) Nifty and Bank Nifty are moving in tandem.
2) The important resistance levels and support levels are marked in the 52-week chart. Happy trading :)