Tuesday, December 30, 2008

Nifty Levels - 30 Dec 2008

In morning whole of Asia was also trading in green so Nifty followed its asian counterparts in making merry. Nifty today shown a good upmove of around 2% and closed at 2980. Satyam, Idea , Rcom and M&M were major Nifty gainers with gains of more than 6%. Resignations of various board directors has somehow boosted investors moral with Satyam. Within last 2 sessions Satyam has shown nice upmove of more than 20%.

Today's Nifty Spot levels were
Open 2922.55
High 2999.15
Low 2899.75
Last 2979.50
Prev. 2922.20
%Change 1.96%

As for tomorrow strategy Nifty again is moving in its resistance zone where it will face pressures from overhead supply . On upside Nifty will face major resistance around 3075-3090 range. Supports and resistance for NIFTY futures for tomorrow are as:

Support s1 2940 , s2 2980
Resistance r1 3030 , r2 3090

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Monday, December 29, 2008

Nifty Levels - 29 Dec 2008

Nifty today opened in red & traded 1.5% down but ended day on a positive note up more than 2% because of anticipation of new stimulus package from govt. SAIL and SATYAM helped Nifty a lot with both moving around 10% up in the day. RANBAXY , CAIRN and ICICIBANK were other major movers , all moving around 7%.

Today's Nifty Spot levels are as:

Open 2857.15
High 2931.80
Low 2812.90
Last 2922.20

Prev. 2857.25
%Change 2.27%

As mentioned in Friday's post Nifty took support around 2820 levels to bounce and breach second resistance level of 2930 but ended close to it at 2922. For tomorrow Nifty has the following supports and resistance levels:

Support s1 2880, s2 2850
Resistance r1 2963, r2 2995

For tomorrow market seem to be indecisive. Oil rose near $40 a barrel Monday after the conflict between Israel and Gaza's Hamas rulers raised tensions in the Middle East. This global crisis can affect Indian and world markets. At the time of writing post DOW was trading in red . I hope Dow to fall further if any bad news come from Israel front. This can affect Indian markets also tomorrow.

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Friday, December 26, 2008

Nifty Levels - 26 Dec 2008

After Christmas holiday on Thursday, Nifty today opened in green & tested 2960 levels as mentioned in last post on Wednesday. After the expiry this new series of Nifty was suppose to start in cheerful mood as it did today, but after trading firm for quite some time it lost the momentum & ended in deep red.

While writing the post Dow has also lost some of its opening gains.Dow was trading at 8504 up 35 points after having a upside of 60+ points. Rallies in all the world markets are not sustaining with the momentum which is required. Nifty also traded in same manner today with a good of 40 points on upside it lost all its strength and ended 60 pints in red. Today Nifty spot levels were :

Open 2919.85
High 2960.95

Low 2844.80
Last 2857.25

This shows how perfect that level for 2960 in last post was. Now on Monday traders has to look for 2800 levels on closing basis. Any closing in nifty below that level is confirmation of of Bull slaughter by Bears. On Monday nifty has supports s1, s2 at 2850 and 2820 levels. On upside Nifty will face huge resistance 2880 and 2920 levels. A closing above 2920 will give bulls some relief on Monday.

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Wednesday, December 24, 2008

Nifty Levels - 24 Dec 2008

Markets are behaving in the way expected. Nifty today broke 2920 levels but not convincingly and closed at 2916 in spot. Also because of selling pressures from last 3 days, markets have reached in somewhat oversold range. There seems to comes some unexpected bounce on Friday . The levels for Friday are :

Supports s1 , s2 2880 2850
Resistance r1,r2 2960 2992

Tomorrow all Asian and global markets will remain close coz of Christmas. DOW seems to be in joyful mood with 40 points in green celebrating the pre Christmas day. It is kind of unexpected even though jobless data has grown to maximum.

On Friday Nifty will look for same relief from last 3 sessions selling pressures. So wont be surprised to see nifty going in green & trying to breach 2960 on upper side. But that will be seen on Friday morning till then Merry Christmas

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Tuesday, December 23, 2008

Nifty Levels - 23 Dec 2008

Today Nifty moved along with all its Asian and global partners in crime. Yesterday night DOW was showing signs of weakness and it ended down some 1%. In morning all the Asian indices were trading 2% to 3% down. So at end of day Nifty also followed same global trend and ended red around 2.5%.

Today's Nifty spot data are as:

Open 3039.25
High 3040.00
Low 2957.05
Last 2968.65

As mentioned yesterday Nifty took support around 2960 levels. You can see from last so many posts Nifty is respecting the levels mentioned on the blog. Although Nifty took support at 2957 & closed at 2968, but i can still say Nifty is not showing any major trend. It will be nice to see that on future downside how does Nifty behaves at 2920 tomorrow.

For markets to show a major trend its important to come out of trading range of 2920 to 3130 either side. Till then Nifty will be moving in this close range. I still think that recent upmove has fizzled out and this was again one of those dead cat bounces of market. Nifty can again do retest of immediate bottom formed at 2250 levels.

For intraday traders Nifty has supports s1 and s2 lying at 2930 and 2880 levels. For upside Nifty will face resistance at r1 and r2 at 2990 and 3030 levels. But the most important level to watch tomorrow is of 2920. Any close below this level will hurt Bull sentiments and boost Bears moral.

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Monday, December 22, 2008

Nifty Levels - 22 Dec 2008

Nifty again performed as the the way it was mentioned in friday's post. Nifty today was again in some profit booking spree with Reliance and ICICI bank acting as draggers. Nifty Spot levels for today were:

Open 3077.25
High 3110.45
Low 3027.80
Last 3039.30

As mentioned in last post Nifty took support around 3030 levels and closed near it. This signals a kind of weakness in Nifty with immediate resistances R1, R2 at 3090 & 3135 levels. On downside Nifty has supports S1, S2 at 2995 and 2960 levels. However short term immediate support is at 2920 levels which is a major weekly support for NIFTY.

While writing the post DOW has recovered 35 points and now trading up 6 points. there is no major news coming from domestic and global fronts too. So as of now Nifty is expected to behave in range from 2920 to 3130 for short term. Breaking either side will decide future course of action.

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Friday, December 19, 2008

Nifty Levels - 19 Dec 2008

All those who read my yesterday's post must have seen the accuracy of Nifty levels mentioned. Yesterday i especifically mentioned Nifty to face resistance at 3105 level & having support of day at 3030 levels. Just look at Nifty Spot levels of today below:

Open 3063.00
High 3106.80
Low 3036.30
Last 3077.50

Nifty followed exactly same levels & reversed from 3036 but faced resistance at 3106. I think a trader who has actually played with my figures must have earned at least 70 odd points in futures.

Speaking for Monday, there is intense TUG of war like situation going around in NIFTY. Today Nifty went till 3106 levels on the anticipation of another CRR cut by RBI. Bank Nifty was major help for Nifty along with Reality sector. While writing the post Crude was at five year low levels of 34$/bbl inspite of major supply cuts from OPEC. For Mondays Nifty's immidiate resistance is at 3130 level with support lying at 3030 , 2995 ,2960 levels. Any downside to 3030 can be taken as opportunity to go long for 3130 in Nifty.

Also there seems to be big money coming in play for 3100 call & 3300 calls which may be a hedge against the positional shorts. I find Nifty to still move in range . I still want Nifty to come out of 3240 levels with good volumes for further upside of 3500 which will be the ultimate target for NIFTY. But there is huge downside still left. I am not very sure with the exact bottom but 2252 is acting at short term bottom for this rally which can atmost go to 3500 levels.

But be sure this is not the end of pain till we dont cross 3500 levels in NIFTY. On downside i am still expecting a test for 2252 in coming levels. So get geared up for this huge TUG of War between BULLS & BEARS .

PS:: These reports are being written before US markets opening on friday, & weekly offs are there on saturday & sunday. Any major bankruptcy announcement can be a bad news for world economy . So please follow levels taking those news also into account.

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Thursday, December 18, 2008

Nifty Levels - 18 Dec 2008

I was not able to post Nifty Levels yesterday coz of personal emergency. But Nifty behaved in the same way as was mentioned in previous post.

As mentioned in last post Since yesterday bulls were able to save 2930 so there was some hope left for today. Good news in form of low inflation numbers of 6.84% against the expected 7% helped bulls in the mid of day.

Today Nifty was able to present a good show & was able to make a sustainable show around 3050 and closed above 3050 mark at 3060. Same way for SENSEX also we were able to close a sentimental mark of 10000. But yesterday's market's behaviour says that we need a monthly closure above 10,500 mark of SENSEX so that this rally to get extended around 11,600 to 12,500 levels.

For Nifty these levels come out to around 3300. So a sustained closing above 3240 will make NIFTY look for more higher territory of 3500. Till these levels are not sustained we can see NIFTY in a close range from 2880 to 3050.

For tomorrow, Nifty will face resistance at 3105 levels. On downward side NIFTY has intraday major supports S1,S2 & S3 as 3030 , 2995 ,2960 .

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Tuesday, December 16, 2008

Nifty Levels - 16 Dec 2008

After continuous efforts of two days Nifty Levels was able to cross Hurdle of 3030. Tomorrow is an important FOMC MEET which is supposed to decide about Fed's future rate decision. FED interest rate is on 1% so another cut will actually bring it near to nothing i.e, ZERO. So even at this levels anything done by FED is important for sentiments of world economies rather than technicals.

For Nifty Upside seems to fizzle around 3150-3300 levels. A good upmove above this channel will help BULLS much sentimentally . Any downside below 2860 levels will boost BEARS morals & then they will try with their full strength for testing October lows of 2200. But if Bulls are able to save 2930 then may be they can see some more greener pastures in NIFTY.

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Monday, December 15, 2008

Nifty Levels - 15 Dec 2008

NIFTY Support 2881 ON DOWNSIDE.Breach of which will see 2860 AND 2980 LEVELS is a resistance. Before the Outcome of the FOMC MEET on Wednesday traders can see profit booking as 50 bps reduction in interest rate is discounted.

call writers are seen at 3000 ce strike price. TRADERS should HAVE A SL AT 2890 LEVELS FOR LONGS and a sl at 3045 for shorts.

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