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.

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

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.

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 .

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.

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.

Nifty levels - 27 Nov 2008

Nifty & BSE both Indian stock markets were shut down due to Mumbai terror attacks. Expiry date for this month's futures contracts is postponed for tomorrow i.e, 27 Nov 2008.

Mumbai attacks are the first of its kind seen by the nation. The scale of destruction & the retaliation shown by terrorist make all of us think hard about our safety. These terrorists have been popping out like cockroaches & it seems common man is not safe inside their toilets even.

Let us condemn these attacks from our full strength!!!!

Nifty Levels- 26 Nov 2008

From today i am starting a series of regular posts about technical levels of NIFTY Futures to be used for short/medium term NIFTY FUTURE players. For making things short & sweet lets go directly on the expected levels for nifty in short term.

As of today, on 26 Nov 2008 Nifty futures managed to cross 2763 which completes the 50% fibonacci retracement from the levels of 2228 and 3299 and closed near to it so next target should be 2840/2885/2945 in short/medium term.