19 Nov: Nifty View

In yesterday's Nifty view, it was given that ".. Above 6015, we may see some weak shorts cover till 6030-6060 ..". Nifty made exact high near 6030 Spot levels. Further, it was given that "..minor support for Nifty exists at 5970/5960 spot levels, below which a revisit to previous low of 5935/5940 will happen..". Nifty went straight down till 5906 once it broke 5960 levels. Look at the chart above. Could you spot the trade opportunities circled above. These should have been the ideal trades for the day fetching more than 100+ points minimum. However, on a day like this, it is better to stay on the sidelines and watch the fun rather than being in the market. Always think of preserving your Capital first. Profits will come automatically.

The chart for tomorrow is given below:



This upmove, if genuine, should clear 6030, 6060 and then 6130 for the Bulls to be back in full force. Intraday traders, watch the level of 6030 spot on Nifty. If clears and stays above it for sometime, it will target 6060-6100 on the upside. On the downside, 5970-5960 levels should provide support to Nifty. If this is broken, we will revisit the lows made today and probably move lower too. Watch the action closely near these levels and then trade with tight stoplosses in this volatile market.

19 Nov: Nifty spot resistance at 6030-6060-6085-6115-6130. Support at 5995-5970-59605935-5905 - www.niftypower.com

Tips for Nifty