Google+ December 2009 ~ NIFTY DEMYSTIFIED

Thursday, December 31, 2009

A Wish......

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We sold off from a bearish ABC pattern and right now moving sideways. Yesterday's given range are yet to be broken out. Nifty is witnessing intra basis correction due to it's inability to cross 5230.
Supports: 5165 zone is important. Sustaining below that nifty can show 5150-5125 for the day before some sort of recovery. 5085/80 is most crucial as of now for trend reversal.
Resistances: Above 5185 it can show some strength to go towards 5205-5220/30 again. Above 5240, 5295-5335/45 is possible easily.

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Wednesday, December 30, 2009


First sorry for the discontinuation. Went out for a trip and supposed to get back early morning, well before market starts. But a lengthy arrival delay of the train messed it up.
Now as market just bounced exactly from 4940 as discussed number of times before it did really happen (low made 4938), showed some real bull  power to take out menacing 5180. And as discussed on previous post, 5230 was the immediate target after breaking 5180 on the upside, made a high of 5124 on last session. Now indeed 5230-35 is a tricky place, but the BO above 5180 will make all these fall an intra dip as of now.
Going back again to my 20th july post..... 5220 and aggressive target 5540 was discussed.
Supports: Uptrend is live and kinking and every previous top and bottom is acting as demand zone. For coming session 5170/73 will be crucial from intra day perspective. Below that 5145 will be the place to get into the buy side. But below that 5115 can come in no time and further break down can confirm short term reversal.
Resistances: As discussed, 5230 remains the same. Though sustaining above 5215 can bring momentum to break that level, but will be comfortable taking long above 5235 zone. Above that 5295-5335/40 are very likely the next targets on the upside.
It can pause a bit before a speedy move. Shorting on the upside and covering it in a dip while going long can be a ideal strategy.

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Thursday, December 24, 2009

Christmas time.... Mistletoe and wine!!

                             Wish you all a Marry Christmas! :)

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4940 was like rock. Bears were blown away by the force displayed by the bulls. It was like there was no barrier. I personally shorted around 5050 as discussed, for intra gains, while the importance of 4940 was discussed numerous times from positional perspective. These are the times when we overlook underlying longer term sentiments and outcome for quick gain. In all aspect of life :)... here is how nifty right now.

Supports: Immediate support @ 5145/30. Below that 5085-5060 will be place to initiate longs.
Resistances: It is clearly showing indication to move higher. Once 5185 is crossed, immediate target will be 5230-5300-5335/50-5440.
And this way I am completing my 200th posts. I am yet to believe the fact. A mere intention of blogging has become a nature and indispensable part of my life. What more can I ask for? Thank you my fellow readers, my friends, my well wishers. Thank you for everything.

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Wednesday, December 23, 2009


Finally we witnessed some bounce from 4940, well discussed support level. But the way intra day range is getting squeezed, the current state of market is strictly for advanced  and experienced traders.

Supports: 4965 is immediate where longs can be built on some weakness but strictly for intra trades with s/l below 4940. A sustained break below 4940 can certainly bring 4910-4890-4850-4820. As we are in the mid of down trend on shorter time frame, violation of 4820 can make it severely weak for positional/medium term.
Resistances: 5008. Above that 5025 is another big hurdle to cross. Nifty may not fallen so much but certainly created some tough overhead resistances while coming down. Above 5025, 5045-5065 will be on the cards, which are shorting zone as well.

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Tuesday, December 22, 2009


Nifty just showed no strength for the day and eventually did hit our support level @ 4960-4940(4938 low) and ended the day at day's low. Technically it's weak but from a trader perspective it's getting tougher to trade intra day as range is getting narrower with smaller bounce or dips as contra trend to initiate trade.

Supports: Bears are comfortably moving price downwards. Though 4940 is still holding but simply on the wire. I did recommend intra longs around our support zone and it's still on as 4940 is not taken out yet. Though below that fall may gain more speed with target 4915-4895 in hand. Further breakdown can bring 4850-4815/20.
Resistances: 4980 is immediate. Above that 5005/20 is fair possibility. But I doubt if bears will let the shorting chance go. So these are places where intra longs (if built yesterday around 4940) should be booked. Above 5020, one can play for 5055/60, which will be a positional shorting zone also with a very minimum risk-reward ratio.

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Monday, December 21, 2009


Got back from a trip @ 2o'clock in the morning and got a severe cold. Really Sorry for the late post.

Supports: It is not looking that good bulls perspective after violation 5002 as discussed on earlier post. Now 4960-4940 is very crucial as per the charts shown above. Intra day longs can be built around that zone. But violation of that zone can confirm reversal for mid term on the downside with immediate targets 4910-4850-4820/100 in hand.
Resistances: 5005/15 is immediate. Above that it will be tested towards 5045 zone. Bears to dominate unless 5050 is not crossed convincingly (with good volumes). Above 5050, targets can be 5075/85-5115-5140.

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Friday, December 18, 2009


Nifty initially took support @ 5018 (support discussed 5016) and bounced upto 5047. Supply from the level made nifty drift down again but unable to breach 5000 (low made 5008), bouncd back towards 5073 (high made 5068), but again failed to break the resistance above. From current scenario Nifty is still in range with downside pressure as 5073 is still not broken on the upside.

Supports:5000/4996 still holds the key. Below that 4985-4960/45is possible. And as it could not move past above 5073 zone, downside pressure will be there. 4960/45 is very crucial support for the uptrend 4531-5191 to be maintained, and some rally towards the broken trendline and ema can not be ruled out. Below 4940, 4920-4895-4820 will be immediate target.
Resistances: 5073 remians the same. As shown on the above chart EMA resistances are @ 5066-5080 respectively. Above that 5095-5115-5145 is possible again.
As long 5080 is being taken out and sustaining, be on the short side on bounce. Around 4960-45 inta longs can be taken in case of breakdown of last low.
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Thursday, December 17, 2009


As discussed on the previous post 5002 indeed proved to be the most crucial place. Nifty did hit 5004 (resistance given @ 5002) and bounced handsomely in afternoon. Before hitting the days high @ 5073 it made 5042 as it'pivot, by making days high, which was eventually yesterday's given support. Currently we are witnessing corrective upmove against the downfall with number of strong upperhead hurdle to face.

Supports: The corrective pattern formed by nifty indicating towards 5016 as the immediete support.Sustaining below that can be a threat to break 5000 for a prolonged downside towards 4955/45. Further violation can bring 4920/10-4820/10 in no time.
Resistances: Sustaining above 5055 is good and a break of 5073 on the upside can bring a speedy 5095-5110/15.Above that it can show up 5140/45-5165 and decide the further move.
Longs built around 5000 zone can be booked around 5095-5116 and waiting for another decisive move can be a good positional trade. Resistance zones can be utilized for the intra shorts.
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Wednesday, December 16, 2009


Nifty never did manage to go above 5135 as discussed on last post and finally slipped below 5080. 5042 zone did not hold and it did sharply come down to 5017.

Supports: As shown on above charts, 5002/4997 can really be very strong support. Short initiated today after the failure to cross 5135 or violation of 5080 need to be booked here once. Though below this down move can acquire more pace to reach 4960/50 zone. Violation of these two levels should confirm the trend reversal for immediate term, which look like a correction as long 5000-4940 zone is holding. Below that immediate positional target for Nifty will be 4890/4910-4820/10.
Resistances: 5050 will be initial hurdle for the day. Above that some more upside can come which can target 5085/90 where it will be tested biggest by the bears. Above that down move may take pause again and resumes it's uptrend.
Strategy: Go for the bounce if dip comes first or short if bounce comes at first session. Will be comfortable shorting on bigger bounce as we are closing important supports.

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Tuesday, December 15, 2009


Still very much inside the range. Looks like no valid BO possible unless 5180 is crossed convincingly.

Supports: 5080 holds the key. But continuous hit for last few days can tamper the strength of the level. Below that 5047/42-5004/02 is very important support zone and a positional long build up place (partially @ 5040-5000 range). Further breakdown can cause Nifty to come down towards 4960/45.
Resistances: 5110 is initial hurdle above that it can again 5135/45 area, and very likely an intra short zone. A violation of 5180 can show up bigger prices as discussed number of time on earlier posts (5200/15-5265-5315/35.
Market is in consolidation mode. So have take trading call rather than a trending call. Trade the range unless it's breaking out.

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Monday, December 14, 2009


Supports: Completely range bound as of now. With 5080/75 as the immediate support. Below that 5047/42 Will be the next halt on the down side. Which I personally feel will be very important place for short term longs. and a intra day profit booking zone for shorts. further break below that can show up 5115/05-4960/50 and decide further moves for intermediate time frame.
Resistances: 5155 first hurdle for the day. above that 5195 is possible again. A BO above that can bring 5220-5265-5315/35.
But before any clear direction, trade the range.
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Thursday, December 10, 2009


Again a very tradable and level wise very perfect day we did spend. After mentioning 5080 as a long build up zone we got a perfect low @ 5084 to initiate and it was quite a smooth sailing on the upside till the resistance discussed yesterday did appear @ 5145/52 (high made 5153), and retraced again. I am posting chart for coming session where it remains in the congestion band before any BO.

Supports: Immediate support is 5123/10. Very aggressive intra trader can go long with this s/l. others can wait for lower levels around 5080/70 or the upside breakout to initiate longs. Sustaining below 5080 it may get weak and a move below 5070 can very well bring 5050-5015/05 in no time.
Resistances: 5152 remains the same. A buy above 5164 will be more confirmatory for higher side as discussed on last post. Above that 5200-5220-5260-5305/15 is possible.

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For some unknown reason chart pics are not getting uploaded. So today's post is being done without that.

The day was quite perfect to trade, level did work good. 5110 made low on opening and immediate up move of 50 points without violating 5164, hence giving opportunity of short to take benefit of ABC pattern discussed yesterday and gave 5090, where support discussed @ 5085 and gifted another move to 60 points up to 5145. 

Right now 5145/52 is the key, and for safe traders 5164 can be a valid BO zone on the up side. Downside support lies @ 5085/75 and playing quite strong as of now.
So for the coming sessions,
Supports: 5110/05  and 5080/75 is all important zone to initiate longs. though below that it can get weak for intra day again and target 5050-5015/05-4940. When any level gets broken and moves towards the next level/target, previous levels (with some filtration) will play as pivot for the day.
Resistances: 5145/52 is immediate hurdle. As mentioned above 5164 can be used by safe traders for "buy above" longs. Violating these levels Nifty can certainly target 5210/20-5265-5315-5350/55.
Trade n trade fast.

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Wednesday, December 9, 2009


Supports: 5110-5085 is key again. As of now it's a buying zone. And I feel it will act as pivotal for the day. Below 5080 (closing basis level), there can be weakness which can bring it down towards 5040/45-5020/05 again. Further break can bring 4980-4940 positionally.
Resistances: 5164/70 remains heavy zone as long it's not getting crossed though we have closed at day's high. Trend is still up but as long as upside break out is concerned 5170 has to be taken out convincingly. Above that 5200-5220/25 is possible in no time. Above which 5260/65 (important zone)-5295-5315 possible.

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Tuesday, December 8, 2009


Supports: 5045 and 5005/4990 is big time crucial zone for Nifty. In my opinion, those are places where positional longs are placed. Violation of which can very well be the end of this up move for short term. Below that 4925/15-4850 can come in no time. But Shorts should be cut at least once around these levels.
Resistances: We may have fallen very less, but there are hurdles to cross for newer highs. 5085/90-5115 is a shorting zone unless those are broken with 5135+ as s/l, which is another and I feel last resistances for Nifty to challenge the last high once again. 
 As usual volatile day expected. Scalp and scalp fast.

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