NIFTY FIFTY

[avinash]

Dear Frinds,

Nifty Level for tom'row from my TA

R2 2480
R1 2445
PP 2418.8
S1 2393
S2 2366
If it breaks 2366 and target will be 2324.My expectation is that market will hit 2480 during it's upward movement.

Seniors post ur views on this

From,

Arvind K

Hi Arvind,
Now that we know the support and resistance levels,my question to you is: Do we buy the Nifty or short it?

Once in a trade in any one direction,then only would these levels be of any use.

So what is our strategy now that we know the levels?

Avinash

 

[AMITBE]

Just bringing the post forward as it got tucked into the previous page.

The important aspect emerging over the last few sessions is that the Nifty is attempting to find a bottom base. The reluctance to sell below 2350-2360 is suggesting this, as is the buying at these levels. The overall positive result factor is certainly showing here, besides the technical fibonacci retracement etc. So far so good, and really, one can but only go one day at a time.
To the up, the ghosts of the carnage last week seem to be haunting the market at higher levels: Strong supply is coming in above 2440.
Another positive factor is the wider market breadth over the last few days which has been rather good under the circustances. This may also be seen as sign of bottoming out.
What we really need now is stablity for things to begin to shape up.
I had in an earlier post written of stablity and volatility. Volatility is just another face of price action, and the lack of stablity denotes fear and panic.
There has been a marked lack of stablity over the last two or three sessions. Loss and gain of 50 points intraday and day-on-day does appear more like fear and shakiness.
If all the factors discussed above are in place, stablity is now vital.
With increased stablity, on the face of it then, a bounce should be a logical conclusion.
This is subject to 2350 off levels holding out.
Perhaps a better route to a bounce would be for this level to be tested another couple of times without breaking for a stronger bottom base?
Again this is just talk and the market always does the real walk.

The levels, it is important to stay above 2418, the closing yesterday. The same levels will again test the Nifty: 2426-2436-2444 for starters. A break through would come above 2455-2460.
To the down, the same again: 2396-2388 and so on.

 

[Saint]

Hi Arvind,
Now that we know the support and resistance levels,my question to you is: Do we buy the Nifty or short it?

Once in a trade in any one direction,then only would these levels be of any use.

So what is our strategy now that we know the levels?

Avinash

Hi Avinash,

Neither buy nor sell if you are looking at an intermed to long term.......Stay out!If you want to catch a short term move,go long if Nifty can close over 2460.Short if 2384 is taken out......stay out of this sideways move,either way.

All the best!!
Saint

 

[Saint]

yawn!!......t'is one of those days!

 

[darsh_goswami]

The markets volatile,..
but Seniors ,.. what do u feel now ? I did sellin on the rise in nifty futures ,.. but i do sq.up my positions same day ,.. i do follow what the intraday chart says ,..
but in my chart levels i see nifty very weak,.. i said in my earlier post ,.. i dont know in which segment ,.. but i said that one should always sell nifty on every rise ,.. n still too for the rest of 2 days of the week ,.. Sell nifty on the higher level considering 2432.50 as a strong resistance ,.. may be tomorrow roll over can give a mild rally but still there is no indications to buy it ,... Start short selling in nifty if u have lion heart ,.. below 2411 it seems more weaken ,.. 2384 is the final support ,.. once it breaken again it might take nifty towards 2290.
let me see where it goes ,..
Seniors ur guidence plz on ITC nov futures ,.. Shall i buy it at the current level .. i see 111.10 is the major n final support ,.. comments plz

 

[AMITBE]

It would appear as if predicting the movement on the Nifty is becoming the same as figuring the long and short months on the knuckles of your hand: Bumps for long, dips for short. One day up, next day down. Easy.
But not for long.
Soon the confidence in 2380 off would begin to wear thin.
Or the fear at 2430-40 would dissipate.
Difficult to say which of the two would come to pass first, but ask me and I'd wish for the latter.

If there were hopes with yesterday, they are even greater for today.
Yesterday the market should really have attempted an upside for the closing the day before. That fizzled out at 2434, well below 2444 off of the previous high knuckle. So looks are bad for today.
But the hopes on today are on the last day of the monthly expiry, rollovers etc., and on the big results like Reliance, Sail, SBI, Bharti to name a few. Add ONGC from yesterday. Looks pretty solid on the face of it.
But then in all the fear and uncertainty, the market seems to have forgotten the mainly good results declared so far.
This is what the fundamentals based investors await, and this is what finally gets factored into the charting of the tech-heads. But this is still missing. And has to begin to be factored in soon if the 2440 demon has to go.
Some trigger has to be pulled.

The levels all remain the same.
2412-2420-2426-2436-2444-2452.
2403-2396-2392-2386-2382-2377-2368-2359.
This is for now.

 

[chopra]

Market is still in those same kind of mood where just nothing is happening so posting something on a different stroke.

Originally Posted by saint
yawn!!......t'is one of those days!

imaan mujhe roke hai jo khinche hai mujhe market
ka' NSE mere peeche hai BSE mere aage

Originally Posted by AMITBE
...wife says gotta get a life every so often or else!
Cheers.

udhar woh bad_ghumaanee hai, idhar yeh naatavaanee hai
na poocha jaaye hai us'se, na bola jaaye hai mujhse
(badghumaanee = suspicion, naatavaanee = weakness)

cheers,
Ashish

 

[AMITBE]

Market is still in those same kind of mood where just nothing is happening so posting something on a different stroke.

imaan mujhe roke hai jo khinche hai mujhe market
ka' NSE mere peeche hai BSE mere aage


udhar woh bad_ghumaanee hai, idhar yeh naatavaanee hai
na poocha jaaye hai us'se, na bola jaaye hai mujhse
(badghumaanee = suspicion, naatavaanee = weakness)

cheers,
Ashish

Thanks for the relief Ashish.

imaan mujhe roke hai jo khinche hai mujhe market
ka' NSE mere peeche hai BSE mere aage

Go haath main moolah nasahee aankhon mein to dam hai
Rehne do abhee BSE-o-NSE mere aage.

udhar woh bad_ghumaanee hai, idhar yeh naatavaanee hai
na poocha jaaye hai us'se, na bola jaaye hai mujhse

Aashiq hoon, per maashooq_farebee hai mera kaam
AMITBE ko bura kehti hai Laila mere aage.

Cheers.

 

[chopra]

bahut khoob cha gaye sarkar...

Originally Posted by AMITBE
Aashiq hoon, per maashooq_farebee hai mera kaam
AMITBE ko bura kehti hai Laila mere aage.

jo munkir-e-wafa ho fareb us pe kya chale ?
kyoon badghumaan hoon dost se dushman ke baab mein ?

fir chaahta hoon naama-e-dildaar kholna
jaan nazr-e-dil_farebee-e-unwaan kiye hue

bas ab hum aur kaya kahen bas yehi keh sakte hain..

hu_ii muddat ke 'Ghalib' mar gayaa par yaad aataa hai
vo har ek baat pe kahanaa ke yuun hotaa to kyaa hotaa

 

[AMITBE]

It would appear as if predicting the movement on the Nifty is becoming the same as figuring the long and short months on the knuckles of your hand: Bumps for long, dips for short. One day up, next day down. Easy.
But not for long.
Soon the confidence in 2380 off would begin to wear thin.
Or the fear at 2430-40 would dissipate.
Difficult to say which of the two would come to pass first, but ask me and I'd wish for the latter....

The levels all remain the same.
2412-2420-2426-2436-2444-2452.
2403-2396-2392-2386-2382-2377-2368-2359.
This is for now.

True to form the downwards probe has begun.
Unless we pull out of the 2300s, appearing most unlikely at this point, the trades would be in favour of selling with greater force and deeper levels tested. This is the clear indication for now and from yesterday's close.
We'll leave it at the low levels mentioned above for now.