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Thursday 26 September 2013

Nifty Technical Analysis and Intraday calls for Sep 26


Nifty is facing resistance in the zone 5900-5950 in the hourly charts. This zone needs to be cleared to to resume the short term uptrend. In the daily charts, Nifty has shown a bullish hammer pattern based on today's price movement. This gives me a feeling that further selling in Nifty is unlikely to happen in the coming days. Todays Nifty performance will confirm if this view is correct. 

We have been tracking the base of 5800 for some time now. If the level of 5800- 5780 is broken convincingly, then the slightly longer term down trend will be confirmed. 

For trading on Sep 26, Nifty will be positive only above 5920-30 levels. Below 5860, Nifty will be negative with the next support at 5800-25 levels. High volatility and fluctuation between 5800-900 is expected today. Aggressive traders can consider buying at 5800-25 levels and selling at 5900-20 levels. 

It is better to avoid trading today since there is likely to be high volatility due to expiry of derivatives. I will give few calls today for risk takers with higher stop losses. Small traders, please stay away from trading. Personally, I am not trading on Wednesday and Thursday. 

1 Buy Above or Sell Below the levels given for a target T1 or T2 with SL
2 Do not enter if target is achieved already
3 Always trade in two lots and book 1 lot at T1
4 All levels above are in cash. Please trade accordingly in futures

Please take positions only after 9:30 AM. Please do not enter into any fresh trades after 3:00 PM.

Please do not trade blindly on these levels. A buy position should be supported by charts giving positive signals. A sell position should be supported by charts giving negative signals. Please see real trades in earlier posts to understand how an intraday long or short is created.     

Any significant news which affects individual stocks or overall market direction will invalidate the technical analysis behind the above views. In such a situation use real time charts to trade.

All the views and contents mentioned in this blog are the personal observations of the author and is in no way a recommendation for the readers to enter into trades of stocks/futures. The author do not accept any liability/loss resulting from the use of any content from this blog. Any act of trading performed by readers should be at their own discretion and neither the author or the sources mentioned in the blog will be responsible for the outcome.

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