27 Nov - Nifty View and Premarket Trade Plan

After a good rally on Monday, Nifty Future declined and gave up some of the gains on Tuesday, closing near support line of 6070. It is broadly trading within the range as shown in the chart. As we approach the November Expiry, a breakout/breakdown may be just around the corner. It has also formed an inside day on Daily Charts. If it sustains beyond yesterday's range, intraday traders can trade for a breakout/breakdown. However, broad trend remains sideways till the time we are trading between 6000 to 6250. Hence, don't expect any big moves till then and book early profits of 20-30 points in intraday trades. Positional traders can initiate Short Positions if Nifty Future gives a close below 6000 with 50 Point Stoploss.

On 5 min. Intraday Chart of Nifty Future, a bullish Wolfe Wave formed just at the close. It will be considered active above 6065/6070 Nifty Future level. Valid only for the first hour on Tuesday. Afthat, forget this pattern.

Market Profile Charts also show rangebound trading between 6000-6100. Although Nifty declined yesterday, the Value Area was similar to Monday's. Also, it was a Normal Profile day. Breakout/ Breakdown from the profile area can give a good trending move.

27 Nov - Nifty Future resistance at 6070-6090-6115-6135. Support at 6045-6030-6000-5980

Premarket Trade Plan:

Intraday Nifty Future and Nifty Nifty Option:

1. Sell Nifty Future / Buy 6000 PE (Dec) near or below 6070 Nifty Future level with Stop and Reverse above 6095 Nifty Future Level. Targets 6050 and 6030
2. Buy Nifty Future / 6100 CE (Dec) above 6095 Nifty Future level with Stop and Reverse below 6070 Nifty Future level. Targets 6115 and 6135.
3. Buy Nifty Future / 6200 CE (Dec) above 6120 Nifty Future level with Stoploss at 6100 Nifty Future Level. Targets 6140-6160-6180.

Positional Nifty Future:
1. Sell Nifty Future below 6000 Nifty Future level. Stoploss above 6050. Targets later

21 Oct - Nifty View

On Friday, Nifty Future, after giving a breakdown signal on Thursday, reversed and gave a Breakdown Failure, and rallied more than 100+ points to close above 6200+ levels. The short term trend remains up in Nifty, and will be considered up as long as it remains above 6050-6080 levels. For aggressive traders, 6150/6130 will be the immediate support levels, which can also be considered as a Stoploss for Long trades. Nifty Future is trading near important resistance levels, it is also within striking distance of all time highs. The Oscillators are reaching overbought levels. Inspite of all the uncertainty, price is showing strength, and that is what traders should follow, unless proven otherwise. Hence, in summary, the correct trade right now is a Long Trade. 6130 can be aggressive Stoploss or Stop and Reverse for Long Trades. Downtrend to be confirmed by a close below 6080/6050, below which Shorts with Full position can be opened.

The Nifty Options Open Interest Charts are given below:

On the Nifty Options front, Friday was the Bull's Day Out. They added a huge amount of 32 lacs+ Open Interest in Put Options of 6100 PE and 6200 PE. On the other hand, the Bears were seen covering their positions in Nifty Option of 6200 CE. Overall, 6000 PE and 5700 PE are showing the highest Open Interest in Puts for this series, indicating strong support at these levels. For the Bears, 6300 CE has the highest Open Interest as of now. 6200 is the current 50:50 level between the Bulls and the Bears.

For Monday, immediate resistance for Nifty Future now comes at 6215/6220 levels, above which the Bulls will target 6250-6270 and 6285 levels. The Bulls will continue to have an upper hand, as long as Nifty Future stays above 6200 on Monday. On the downside, immediate support for Nifty Future comes at 6200/6190 level. Below this, the Bears can take it down towards supports at 6165/6150 and 6130 levels. Buying is expected to come at all these levels, and Bears will gain an upper hand only if they are able to close Nifty below 6130 level.

21 Oct - Nifty Future resistance at 6220-6250-6270-6285. Support at 6190-6165-6150-6130 - www.niftypower.com

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