Nifty views for 30 January, 2009

Nifty faced a major hurdle at 2875 and returned from those levels even going below 2800 intraday on 29 Jan, 2009. Now it is not advisable to go long until we close above 2875. Nifty will encounter short build ups at higher levels. Being on the short side will be a safer option on 30 Jan, 2009.

On 30 Jan, 2009, Nifty is expected to open negative. Intraday players should try to short around 2820 levels with stops near 2855, or short below 2780 with stop loss above 2805. Expect heavy shorting if 2740 is breached.

Nifty views for 28 January, 2009

Nifty had a rocking performance today and has closed just below the important level 2780. Now, for 28 Jan, if it is ablt to cross 2800 with volumes and stay above it, it can go up to 2850. Intraday Players should go long above 2800 with a stop loss at 2780 Nifty Spot. Short below 2750 with s stop loss at 2780 for targets of 2710, 2685. Due to expiry, we may see a volatile session with testing of both resistance and support levels

Nifty View for 27 January, 2009

Nifty has now closed below a very important support of 2700. This was the level which was holding out despite negative global cues and bad news around. Somehow, Nifty always managed to closed above this level.
Now on Tuesday, 27 January, Nifty will try to again close above 2700. However, global cues and monetary policy can spoil this party. A very important support exists for Nifty at 2650. If there is news of rate cuts in the monetary policy, Nifty will easily surpass 2700 and close above it. However, If there are no positive cues in the monetary policy, expect 2650 to be broken and a close of Nifty near 2600 levels (Then 2550-2500).
Our personal view is that chances of rate cuts in this monetary policy are slim, as also indicated earlier by the RBI and Govt. Safe traders should avoid trading until the monetary policy comes out.