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Friday 8 November 2013

Nifty Technical Analysis and Intraday Calls for Nov 09

We had written on Nov 6 about Nifty divergence and sell signals from daily charts. Please read the post here - Nifty Technical Analysis and Intraday calls for Nov 6.

Nifty started falling continuously from that point and the crucial support of 6230-6200 is broken. Next support is at 6170 , 6140 and 6100. 

Nifty has clearly given sell signals with RSI closing below the 70 levels, MACD sell signal and Stochastics sell. Technically, this correction could go up to 6080 in the next few days. This view will continue until Nifty crosses 6230 on closing basis. 

For Intraday trading on Nov 09, Nifty will be negative below 6200. For any kind of bullish move, market should cross and sustain 6230-50 range. On the downward side, support exists at 6170-6140 and 6120. Bounce backs are possible from these levels. 

Intraday Calls for Nov 09

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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