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Monday 30 September 2013

Nifty Technical Analysis and Intraday Calls for Sep 30

Nifty Technical Analysis
Nifty is currently at its crucial support levels as we have been writing here. Breaking 5800-5770 and staying below will not be a good sign for Nifty. Below these levels 5740, Nifty could touch 5680. Near term rResistance is placed at 6090-6100 levels.

200 DMA for Nifty is placed at 5833 and Nifty closed near this position. Staying below this level continuously will be another indication of next leg of downfall. However, shorters be aware that because of expected political outcomes in India, markets could rally on hopes before elections.

For Intraday trading on Sep 30, upside will continue only if Nifty stays above 5920 level. Mild bullishness expected above 5860 and 5880 levels. Do not hold any long positions if Nifty falls below 5800. 

Intraday Calls for Sep 30


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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