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Wednesday, 6 November 2013

Nifty Technical Analysis and Intraday calls for Nov 06

Nifty Technical Analysis

As written in yesterday's pre-market analysis (Nifty Technical Analysis and Intraday calls for Nov 05) , Nifty was in correction mode and closed just above the critical level of 6250. 

Most of the swing traders were in profit booking mode from the Diwali session onwards and this is the reason, we had written not to buy any Muhurat or Diwali picks. RSI , MACD and Stochastics are showing negative divergences in the daily chart indicating weakness in the upward move. 

Also, please use these corrections to enter our long term portfolio. 

We can think of two buying zones as you see below - One is at the support level of 6200-6230 and the next at around 6080-6100. As written yesterday, I we will publish a mid cap portfolio at the right time. I have already added few stocks to the watchlist and observing for the past few weeks. 

For Intraday trading on Nov 6, Nifty needs to be above 6280 to remain positive. Below 6230, Nifty will be negative and next support level is at 6200 and 6080. Most likely Nifty will take support at this levels. On the upper side resistances are placed at 6280 and 6300. Above 6300, there will be bullish momentum which can take the market to next resistance level of 6320 and 6350.

Intraday Calls for Nov 6

1. All levels are in cash. Please trade accordingly in futures
2. Buy above or sell below the levels given for a target of T1, T1 with strict SL.
3. Those who are trading in futures, please trade with 2 lots and book profits at T1.
4. Buy or Sell here does not indicate that the stock is positive or negative for the day.
   The calls are valid only if the levels are crossed.
5. Do not enter the trade if the target T1 is achieved within 15 minutes of opening.
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 content 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 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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