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Thursday, 7 November 2013

Nifty Technical Analysis and Intraday Calls for Nov 07

Nifty Technical Analysis

Nifty further corrected today as expected and closed in the vicinity of the crucial support level of 6230. Technically next support is at 6180-40 levels. However a rally in US markets could prevent further downfall in the markets today. Those who have gone short yesterday when 6230 level was broken will panic and there will be short covering based rise for initial trading hour. 6230 also happens to be the 10 day moving average, prompting shorters to carry positional shorts. 

For the trading on Nov 07, exit all longs if 6200 level is broken. Though there exists a support at 6180, this is a weak support and market could slide up to 6140. This is an excellent buying zone for short term traders. 

On the upper side, rally is US markets could push Nifty up to 6275 levels. 6300 is a solid resistance. This is followed by 6350 resistance. For the markets to remain positive, 6230 must be held. Above 6250, market could touch 6275. 

Intraday Calls for Nov 07

I am giving higher number of calls, since markets could swing any way tomorrow and we need to come out profitable. More calls could get triggered, please filter out based on your risk appetite. 

* Reliance : Sell if reliance rises above 914 and falls below that level and stays. 
* DLF; Sell if DLF rises above 158 and falls below that level and stays. 

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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