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 !!!

Nifty June 2013 series - Time to make new highs !!!

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 !!!

Nifty May 2013 series - Too early to say it is bullish for month of May !!!

Nifty April series closed at the highest level of the series @ 5916 and now the focus on May series with this brief over view.


Bulls target 5965-6075-6110-6175 above 5890.
Bear target below 5890, 5825-5710-5535-5475.

The range of 5825-5965 is the current trading range (2-3 days consolidation before taking direction !!!

 View for Friday, April 26, 2013:

The May series begins on a high note with Nifty closing the April series on a bullish note above all high EMAs/SMAs. To keep the trend intact, a consolidation around the range of 5890-5965-6025 is the challenge for the bulls over the next week. Nifty closing above 5965 spot today is the first step towards this goal. Below 5890, support exists at 5835-5795. Happy trading !!!

View for Monday, April 29, 2013:

The view for Nifty intra day continues to be bullish above 5890 spot price towards 5910 (already done) and 5955. Below 5890, sideways movements to find support around 5845-5795 levels. Happy trading !!!

 View for Tuesday, April 30, 2013:

The Nifty has traded range bound for past 2-3 sessions and now consolidated around 5870 support well enough to attempt a move towards a close above 5940-5965. Below 5890, weakness perception creeps in and above 5890, strength perception increases. Happy trading !!!

View for Thursday, May 2, 2013:

The Nifty is technically in overbought zone and an inside day can be expected today broadly trading within 5865-5965 levels on spot. Level of 5910 will be the area of support of reversal/support. Happy trading !!!

View for Friday, May 3, 2013:

The Nifty will take decisive direction today based on the RBI policy announcement on rate cuts. Being in overbought condition, market is already at higher end of the trading range and ready to go up towards 6085-6135 if the policy announcement is welcomed by the market. Support at 5965 is crucial on hourly closing basis today.  Below 5965, the Nifty will become weak and volatile and can fall fast towards 5890-5835. Happy trading !!!

View for Monday, April 6, 2013:

The bullish range for Nifty intra day is 5980-6025-6055. Bearish range for the day is 5980-5940 (already done)-5890. Level of 5980 will act as reversal point. Happy trading !!!

View for Tuesday, May 7, 2013:

The Nifty will attempt to cross 5980 level towards 6035 levels failing which the bottom of 5930 created now might get broken towards 5890-5865. The level of 5980 needs to be held on hourly closing basis today. Happy trading !!!

View for Wednesday, May 8 , 2013:

A day of consolidation for the Nifty if intra day swing low level of 6005 is held on hourly closing basis for the day for targets of above 6065-6095. Below 6005, supports are @ 5980-5930. Happy trading !!!

View for Thursday, May 9, 2013:

The bullish note for Nifty will sustain above 6065 levels now for target of 6110-6135. Reversal point for intra day players will be 6035-45 zone. Below 6035, support of 5995-5965 come into play. Happy trading !!!

View for Friday, May 10, 2013:

With the IIP number scheduled to be announced today, Nifty will remain range bound before taking further direction. Below support of 6040 are the levels of 5980-5965. Sustaining above 6100 spot only will Nifty will move towards 6135-6185 levels. Happy trading !!!

View for Monday, May 13, 2013:

The Nifty has had its highest daily close of the year @ 6107. Now the bullish momentum will sustain above 6135 spot price towards 6185 spot on closing basis. Below 6080 support price on spot, intra day weakness will set in. Happy trading !!!

View for Tuesday, May 14, 2013:

A quiet day can be expected after the Nifty took unexpected downturn yesterday to close below 5980. Nifty will seek support @ 5815-5855 levels zone as long it trades below the level of 6010. The interim support zones will be 5965-5890. Resistance will be 6010-6075. There is no point buying first and getting stopped out in a falling market. It is sell first and buy later scenario. Happy trading !!!

View for Wednesday, May 15, 2013:

After having taken support @ 5970 levels for two sessions, once again closing above the resistance levels of 6050-6085 will put Nifty in bullish orbit. Break of support @ 5970 spot price today will take Nifty towards 5925-5895. Happy trading !!!

View for Thursday, May 16, 2013:

Yesterday's move up above 6050 induced the short covering rally taking Nifty to the highest close of the year so far @ 6147. Now Nifty is in a new trading level band of 6135-6185-6235-6285. Level of 6095 is reversal level on hourly closing basis for intra day traders. Happy trading !!!

View for Friday, May 17, 2013:

The Nifty enters this weekend with good gains from the low of 5970 and managing highest close of the year @ 6170. Now 6215-6260 are the upside targets with continuing bullish momentum above 6135. Reversal below 6135 towards 6090-6045. Happy trading !!!

View for Monday, May 20, 2013:

The Nifty after closing at the high of the year @ 6185 is in overbought state and some consolidation can be expected around the level of 6135 for a couple of days before making move towards 6265-6315 zone. Below 6135 only it will be bearish and likely test 6090-6030 levels. Happy trading !!!

View for Tuesday, May 21, 2013:

The Nifty is in a consolidation mode as long as it trades above 6135 for higher targets of 6215 (already done) and 6295. Below 6135, levels of 6085 and 6030 are likely support levels. For intra day traders, the level of 6185 needs to be sustained on hourly closing basis. Happy trading !!!

View for Wednesday, May 22, 2013:

The Nifty is in consolidation/correction mode. Support level below 6135 are 6095-6035. Above 6165 closing basis, bullishness gets restored. Happy trading !!!

View for Thursday, May 23, 2013:

The Nifty is on the downward journey confirmed with break of 6095 level yesterday. Resistance level is now 6135. Support of 6015 likely to get tested below 6095. Happy trading !!!

View for Friday, May 24, 2013:

The Nifty closed yesterday after breaking the 21-Day SMA levels to close well below it now. This level 6045 will be resistance. The previous support of 5930-5890 come into picture now on the downside.  There will be intermittent spurts of short covering leading to good trade set up for the intra day traders to scalp by going long.  Happy trading!!!

View for Monday, May 27, 2013:

The Nifty after moving down last week will again try to climb up and close above 6085 this week. The level of 5980 remains important level today intra day with resistance @ 6045. Support of 5930 is crucial below which levels of 5890-5845 can be tested. Happy trading !!!


View for Tuesday, May 28, 2013:

The Nifty retraced 50% of the previous week's fall to close @ 6082 to give a wide range for this week. A couple of inside day can be expected now. Intra day reversal point on hourly closing basis will be 6085. Bullish zone 6100 to 6135-6155. Below 6085 will be corrective zone towards 6035-5985. Happy trading !!!

View for Wednesday, May 29, 2013:

The Nifty has clawed back into bullish territory with yesterday's close above 6100 level. Bullish zone for intra day today is 6135 spot to 6165-6200 on closing basis. Below the level of 6100, fast fall set up likely to develop with volatility ahead of the May series expiry towards 6025. Happy trading !!!

View for Thursday, May 30, 2013:

The May series of the Nifty expires today and essentially the reversal level for intra day level remains 6135 spot price and to continue the bullish trend a close above 6165 is required entering the June series. Below 6135, Nifty will likely remain range bound today to close above 6045 support levels. Happy trading !!!