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

You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you trading

For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com  

Navratri Special Offer

This Navratri, we at NiftyPower bring you a Very Special. Now, Get 33% off on the subscription rates of all our Premium SMS Packages for Nifty Futures and Nifty Options!

This Offer is valid only till Sunday, 13th October, 2013. For details, Contact us through the following channels:

By mail – subscribe@niftypower.com OR power.nifty@yahoo.in

By Phone – +91-8105600113

Through www.niftypower.com - Contact Us

Through www.niftycharts.co.in - Contact Us

Happy Trading!

www.niftypower.com

Trade with the Winners!

Zerodha is today one of the biggest brokers in India. It is running a trading challenge this year till December 31, 2013, wherein traders get their brokerages refunded if they end with profits after 60 trading days.

We are glad to share with you that our Proprietor participated in this challenge, and came out a Winner with flying colors. The second leg of the challenge is on, and we will keep you posted on the results.

So what is the secret mantra? Nothing at all. Most of the trades done in Nifty Futures during this period were the same as that provided to subscribers of our SMS packages and Live Nifty Charts. It is just plain discipline.

We as traders know, that trading and analyzing the markets are two different things. A good Analyst may not be a good trader. Because trading requires additional skills like Sound Money Management, Control on Emotions, Discipline, Ability to Follow etc. Hence, we always consider ourselves as traders first, and then analysts. The journey of improving the trading skills is a lifelong journey, which must be carried on, with passion and perseverance.

Happy Trading!

www.niftypower.com

10 Sep - Nifty View

On Friday, Nifty future opened flat and after an initial hiccup, continued its uptrend to close another strong day near 5700 Nifty Future level. Nifty Future is now near striking distance of a very strong resistance near 5750/5760, from where the really volatile downmove started. A strong move and close above this level will give further credibility to this upmove, and fresh buyers will enter into the market. However, failure to do so will mean an unclear direction for Nifty Future, and then we will have to see how Nifty Future reacts at immediate gap support level of 5545. Between the 200 point range of 5545 to 5750, it is better to trade both sides on intraday basis. Also note that Nifty Future is forming higher lows and higher highs on Daily Charts, hence, bias of traders should be on the upside, as long as this pattern is not broken, or at least till 5545 is being protected on closing basis.

The Nifty Options Open Interest Charts are given below:

On the Nifty Options front, there was not much activity by both the Bulls and the Bears on Friday. The Bulls were active in Nifty Options of 5400 PE to 5700 PE, where they cumulatively added 27 lacs+ Open Interest. On the other hand, there was hardly any Open Interest added in Call Options on Friday. Overall, 5300 PE remains as the strike with highest Open Interest, indicating that this will be a strong support area for Nifty Future in this series. On the other hand the highest Open Interest in Calls is at 5700 CE strike. However, the Open Interest at all other strikes is too less at this stage to term them as key resistance or support levels. 5600 is the 50:50 level between the Bulls and the Bears as of now.

For Tuesday, immediate resistance for Nifty Future now comes at 5705/5710 levels, above which, the Bulls should be able to take it to higher levels of 5725/5745 and 5760. As given earlier, above 5760, fresh buyers will be expected to enter into the market, and we can see another rally in Nifty Future. On the downside, support for Nifty Future comes at 5670/5660 levels. Below this, there can be an intraday correction towards 5625/5615, and 5585 level.

10 Sep - Nifty Future resistance at 5705-5725-5745-5760. Support at 5665-5620-5605-5585 - www.niftypower.com

You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you trading

For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com  

2 Sep - Nifty View

On Friday, Nifty Future traded with great volatility but managed to end the third consecutive day in the green, and closed near 5456 level. The recent downmove in Nifty has dented the confidence of a lot of bulls, but there are some encouraging signals for them on the charts. On weekly charts, Nifty future has formed two consecutive bullish pin bars now. Further, on Daily Charts, RSI has shown a clear positive divergence from oversold levels. Hence, next week, aggressive traders can try some small Positional long trades with Stoploss around 5350 Nifty Future level initially. A move above recent high near 5530 will give more confidence to the bulls, and positions can be added if Nifty Future moves above that level. On the downside, fresh shorts can be considered if Nifty future gives a close below 5350 now.  

The Nifty Options Open Interest Charts are given below:

On the Nifty Options front, positions are still building up as it is the start of the series. However, the only strike price that stands out is that of Nifty 5300 Put. It has the highest amount of Open Interest as of now, indicating that this level may act as some kind of support now. Also note that, from this series, NSE has reduced strike price intervals in Nifty Options to 50. Click here to read the NSE Circular for the same. We still have to see how it affects the liquidity in Nifty Options Strike prices in this series.

For tomorrow, immediate resistance for Nifty Future comes at around 5480 level. If the Bulls manage to take it above this level, the next major resistance ill come at 5525/5530 and then at 5590 level. On the downside, support for Nifty Future comes at 5440/5450 zone. Below these levels, the Bears should dominate the Bulls, and can take Nifty Future down towards 5405/5390 and 5355/5360 levels.

2 Sep - Nifty Future resistance at 5480-5500-5530-5550. Support at 5445-5405-5390-5355 - www.niftypower.com

You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you trading

For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com  

Independence Day Special Offer

This Independence Day, we at NiftyPower bring you a Very Special one time Offer. Now, Get 50% off on the subscription rates of all our Premium SMS Packages!

This Offer is valid only till Sunday, 18th August, 2013. For details, Contact us through the following channels:
By mail - subscribe@niftypower.com OR power.nifty@yahoo.in
By Phone - +91-8105600113
Through www.niftypower.com - Contact Us
Through www.niftycharts.co.in - Contact Us

Happy Trading!

www.niftypower.com

Eid Mubarak to All

5 Aug - Nifty View

On Friday, Nifty Future made its consecutive eighth Down bar on Daily charts, and closed near 5700 level. It also formed a new low on Friday. The zone of 5670/5690 is the close of the biggest Bear Bar this year, that was in February. It is the lowest level for Nifty Future on monthly closing basis. Hence, after a continuous losing streak of eight days, some respite for Nifty Future can be expected next week. The short term trend remains down at least till Nifty Future is not able to give a close above recent swing high of 5841. For Positional traders, this should be the Stoploss for the Short trade. However, since Nifty Future is well below the Stoploss level, and a bounce may be expected soon in Nifty, safe traders can take some profit off the table, and wait and watch for the bounce at least for the first half of next week. Thereafter, a re-entry may be taken in the short trade, either on a bounce till some resistance level on the way up, or if the bounce does not materialize, then a break of supports near 5670 or 5630 will be a short signal. But as of now, mantra for the Safe Trader is "Sit on the Sidelines and Watch".

The Nifty Options Open Interest Charts are given below:

In Nifty Options, both the Bulls and the Bears built up some positions on Friday. While for the Bulls, 5600 PE was the strike in focus, where they added 10 lacs+ Open Interest, for the Bears, it was 5700 CE, where they added 11 lacs+ Open Interest, Overall, although the Option Charts are still developing, the Bulls can be seen building supports by writing Nifty Put Options of 5600 and 5700, while the Bears are building resistances by writing Nifty Call Options of 6000 and 5900/ 5800 strikes.

For Monday, immediate resistance for Nifty Future now comes around 5720 and 5735 levels. Above this, Nifty Future will face stiff resistance near 5750/5765 levels. Only on closing above these resistances, can the Bulls hope for some sort of Pause to this downtrend, and maybe a relief rally till 5795/5820 and 5845 levels. On the downside, support for Nifty Future comes at 5690 and 5670 levels. Below these levels, the Bears will continue to press Nifty Future lower towards 5635 and 5605 levels. For Monday, any long trade will not be advised if and till the time Nifty Future trades below 5700 level.

5 Aug - Nifty Future resistance at 5720-5735-5750-5765. Support at 5695-5670-5635-5605 - www.niftypower.com

You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you trading

For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com  

29 July - Nifty View

On Friday, Nifty Future opened slightly up, but was not able to sustain higher levels, and closed just below its support of 5930, forming an Inside Day in the process. Nifty is at the crossroads right now, with the immediate short term trend being down. Hence, it can be considered a Sell on Rises, till the time it is trading below the important levels of 5980/6000. On the downside, supports exist near 5865 and then at 5815/5790 levels.

The Nifty Options Open Interest Charts are given below:

On the first day of the series, good addition in both Call and Put Options was seen,a s expected. While the Bulls added 15 lacs+ Open Interest in Nifty Options of 5900 PE and 6000 PE strikes, the Bears also added 18 lacs+ Open Interest in Nifty Options of 6200 CE and 6300 CE strikes. Overall, the Nifty Option charts are still developing, but at the start of the series, 5800 PE has the maximum Open Interest for the Bulls, while 6000 CE has the maximum Open Interest for the Bears. 5900 is the current 50:50 level between the Bulls and the Bears.

For Monday, immediate resistance for Nifty Future now comes near 5950 levels, above which, lies the all important resistance zone of 5980/6000. As given earlier, any rise to resistance levels in Nifty Future can be considered as a Selling Opportunity, with Stoploss above 5980. On the downside, support for Nifty Futures lies near 5930 and then at 5905/ 5900 levels. These levels have given support to Nifty Future for the past two trading days. Break of these should bring more momentum to the downtrend.

29 July - Nifty Future resistance at 5950-5980-6005-6030. Support at 5930-5905-5890-5865 - www.niftypower.com

You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in
Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you trading

For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com    

22 July - Nifty View

On Friday, Nifty Future opened flat, and traded in a narrow range during the day, facing resistance in the 6070/6080 zone. The short term trend remains up, and Positional traders holding long positions can keep a tight stoploss near 5980/5970 level on closing basis, which is the first and immediate support level for Nifty Future. Below this level, 5930 will be the trend deciding level, and any Positional Short trade is advised only when Nifty Future gives a close below this level. Hence, in summary, its a Buy on Dips market till 5970, Choppy trades expected between 5930 to 5970, and a Sell market below 5930 Nifty Future level.

The Nifty Options Open Interest Charts are given below:

In Nifty Options, the Bulls strengthened their positions at 5900 PE strike, where they added a big quantity of 12 lacs+ Open Interest. Profit booking was also seen at Nifty Options of 5700 PE and 5800 PE. On the other hand, the Bears added a big quantity of 13 lacs+ Open Interest in Nifty Options of 6200 CE. Overall, 5900 is the rock solid support level for this series, as is seen from the Nifty Option Charts. The Open Interest at 5900 PE strike is touching 1 Crore now, which is always a good sign of strength. The level of 6000 is the present 50:50 level between the Bulls and the Bears, with almost equal Open Interest. However, there are no clear resistances visible yet in the Option Charts.

For Monday, immediate resistance for Nifty Future now comes at near 6045/6050 level. If the Bulls manage to keep Nifty Future above this level, they will have to deal with the next immediate resistance level at 6065 and 6075/6080. Once above 6080, Nifty Future can quickly climb towards 6135/6140 level. On the downside, support for Nifty Future comes at 6030 level. The Bears will have an upper hand below this level, and they can take Nifty down to test support levels at 6010-5990 and 5975.

22 July - Nifty Future resistance at 6050-6065-6080-6095. Support at 6030-6010-5990-5975 - www.niftypower.com

You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you tradingFor our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com   

10 July - Nifty View

On Tuesday, Nifty Future opened Gap up on positive global cues, but then traded in a narrow range for the entire day, before closing near 5870 level. Over the past two weeks of trading, Nifty future has now formed a well defined resistance at 5895-5905 level, and support at 5750-5770 level. A break from this range should give a tradeable move for Positional Traders. Till then, its better to do more of intraday trades, and be safe from the increasing number of Gaps during the opening.

The Nifty Option Open Interest Charts are given below:

In Nifty Options, the Bulls added a huge quantity of 10 lacs+ Open Interest at 5800 PE strike. On the other hand, the Bears only added a small quantity at 6000 CE strike. Overall, 5600 PE for the Bulls, and 6000 CE for the Bears, are the strikes which are showing the highest open interest. In between, 5800 is developing as a support, while 5900 is developing as a minor resistance. The writers at one of these strikes should give way sooner or later.

For tomorrow, immediate resistance for Nifty Future now comes at 5875 and 5895/5905 levels. If the Bulls manage to take out these levels, a short covering rally can be expected. On the downside, support for Nifty Future comes at 5850 and then at 5835-5815 levels. Tomorrow, strength in Nifty Future can be expected above 5900 and weakness below 5850 level. In between, trades based on intraday indicators can be taken.

10 July - Nifty Future resistance at 5875-5895-5905-5935. Support at 5850-5835-5805-5790 - www.niftypower.com

You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you trading
For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com   

24 June - Nifty View

On Friday, Nifty opened slightly down, but quickly recovered by the end of the day to close near 5660 level. It traded erratically within the range of 5620 to 5680 for the entire day. A move above 5680/5690 with positive divergence in RSI on Daily Charts will give the Bulls some hope. However, since the Lower High and Lower Low pattern is continuing on Daily Charts, Positional traders should look at all rallies to create short positions. The first resistance for Nifty Future on the way up will come near the Gap zone of 5750-5780. Above that, 5890/5900 will be major resistance level. As of now, it doesn't look probable that Nifty will cross these levels in this month.

The Nifty Options Open Interest Charts are given below:  

On the Nifty Options front, the Bulls showed some resilience on Friday, and added a big quantity of 16 lacs+ Open Interest in Nifty Option of 5600 PE. 5600 PE now has the maximum open interest in Puts, crossing 90 lacs+. This will be a major support level for the Bulls next week. On the other hand, the Bears also added a huge quantity of 25 lacs+ Open Interest in Nifty Options of 5600 CE to 5800 CE. For the Bears, the Open Interest in Nifty Option of 5800 CE has also crossed 90 lacs+ now, and will be a major resistance level next week. The level of 5800 is currently the 50:50 level between the Bulls and the Bears.

For Monday, immediate resistance for Nifty Future comes in the zone of 5680-5690. Staying above this, the Bulls will try to take Nifty higher towards 5720 and 5750 level, where once again some selling pressure is expected. On the downside, support for Nifty Future comes around 5635 level and then at 5615/5620 level.  Below this, the Bears will have an upper hand, and Short trades should be preferred by intraday traders.

24 June - Nifty Future resistance at 5680-5700-5720-5750. Support at 5635-5615-5590-5570 - www.niftypower.com

P.S.:
You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you tradingFor our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com 

21 June - Nifty View

On Wednesday, Nifty opened down on negative global cues, and continued down to close near 5640 Nifty Future level, making it the largest single day drop in recent memory. 5770 Nifty Future was our reference level to go short. However, since Nifty opened much below it, there was no logical trade possible. Hence, Positional traders who could not enter into a short trade, should now wait for the right opportunity. As of now, the trend has surely turned down. The resistances are clear on the upside, which should act as trailing stoploss/ re-entry levels for shorts. The immediate resistance level as of now is around 5750/5770, which is the Gap opening level. Above this, the level of 5830 and 5890 will be strong resistance levels. However, there are slim chances of Nifty visiting these levels anytime soon. On the downside, the first support level to watch on Nifty Future will be in the 5630/5640 zone. If this zone is broken, then a slide towards recent low near 5480 will be on the cards, with minor supports coming in between at 5590/5560-5535 and 5510.

The Nifty Option Open Interest Charts are given below:

On the Nifty Options front, it was another day dominated by the Bears, as expected. They added a huge quantity if 90 lacs+ Open Interest in Nifty Options of 5600 CE to 5800 CE strike. Some of these additions may be part of hedges. But overall, it must be the largest addition in Nifty Calls in a day in the recent past. On the other hand, the Bulls also added 16 lacs+ Open Interest in Nifty Options of 5600 PE. While this is a huge quantity in itself, but it pales when compare to Call addition. Overall, from the Nifty Options Charts, it can be seen that the Bears have moved the 50:50 level from 5800 to 5700. 5600 is minor support remaining for the Bulls. 5800 and above are the major resistances now.

For tomorrow, immediate resistance for Nifty Future comes near 5660/5665 levels. Above this, the Bulls will try to hit next resistance level near 5695. However, every upmove should now be expected to meet with selling pressure, hence, short trades at resistances should be preferred by the traders. On the downside, support for Nifty Future comes near 5630/5640 levels. Below this, the Bears will continue to apply pressure, and take Nifty further down towards 5590-5570-5560 and 5535 levels.

21 June - Nifty Future resistance at 5665-5695-5715-5750. Support at 5635-5590-5570-5560 - www.niftypower.com

P.S.:
You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you trading

For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com  

19 June - Nifty View

On Tuesday, Nifty opened down and quickly moved below our reference level of 5830. It recovered during the second half only to meet selling pressure near 5870 level, and closed near the lows of the day. The zone of 5870-5890 is has been very important in the recent past. Nifty took support in this zone 4 times and tried to bounce back in this month. Once this was broken, we saw a quick slide of more than 150+ points. It is logical that a breakout from this zone will bring a short covering rally. As of now, the Bullish hopes were shattered by the Bears with the fast fall seen in the last half hour of the trade. 5770 to 5870/5890 is the immediate narrow 100 point range for Nifty Future. A breakout from this range should be used to initiate the next Positional Trade. Till then, intraday trades should be more beneficial for traders.

The Nifty Options Open Interest Charts are given below:

In nifty Options, the Bears got aggressive today. They added a huge quantity of 32 lav+ Open Interest in Nifty Options strikes of 5800 CE to 6000 CE. On the other hand, there was not much action from the Bulls. Overall, 5800 is the 50:50 level as of now. 5700 is the strongest support while 6000 is the strongest resistance, and 5900 is a minor resistance.

For tomorrow, immediate resistance for Nifty Future now comes around 5820/5830 levels. Staying above this, the Bulls will again try to test 5850 and 5870 levels. On the downside, support for Nifty Future comes at 5800 and then at 5770 levels. The bias will be negative below  5820 level, and positive above 5850 level tomorrow, for intraday trades.

19 June - Nifty Future resistance at 5830-5850-5870-5890. Support at 5800-5770-5750-5715 - www.niftypower.com

P.S.:
You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you trading

For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com  

18 June - Nifty View

On Monday, Nifty opened flat, and after an initial hiccup, continued its upward journey to close near 5850 level. After reaching oversold levels and touching the support near 5700, Nifty has completed a 150+ point rally today. There are many indicators pointing to a new Bullish move from here. Nifty has corrected quite a bit from the Overbought levels and now reached Oversold levels on Daily Charts. There is also a Bullish Wolfe Wave pattern forming on Daily Charts, although not a perfect one. The biggest hurdles for the Bulls will be the immediate resistance at around 5890 Nifty Future level. If the Bulls manage to break this level, then this rally will become more believable. Till then, we prefer intraday trades or hedged Positional trades only.

The Nifty Option Open Interest Charts are given below:

On the Nifty Options front, the Bears retreated a it from 5700 level, covering 6 lacs+ Open Interest at 5600 CE strike. The Bulls added small quantity Nifty Put Options of 5700 PE and 5800 PE. Overall, in the Nifty Options Open Interest Chart, the levels of 5800 and 5900 appear to be the level at which the fight for supremacy between the Bulls and the Bears is going on. 5700 to 6000 seems to be the broad trading range in Nifty at the time being. Lets see how these levels of 5800 and 5900 resolve in the coming days.

For tomorrow, immediate resistance for Nifty Future comes at 5860 and then at 5890/5905 levels. Trading above these, can lead to a short covering rally, which can take Nifty Future towards 5935-5975 levels. On the downside, support for Nifty Future comes at around 5830 level. Below this, next supports for Nifty Future comes at 5800-5770 and 5750 levels. The immediate trend is up and Buy on Dips should be the strategy as long as Nifty Future stays above 5830 tomorrow.

18 June - Nifty Future resistance at 5860-5890-5905-5935. Support at 5830-5800-5770-5750 - www.niftypower.com

P.S.:
You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blogwww.nifty-power.blogspot.in and have an Edge in you trading

For our regular Paid SMS Services, see Rates and Services Page on www.niftypower.com  

Latest Performance notes of www.niftypower.com

NiftyPower Performance - April 2013

NOTES:

After a bumpy start to the month of April, we pulled our Performance and now can boast of good returns of over 20% for the second straight month! What makes this performance special is that our Live Nifty Charts is giving a negative return this month. Live Nifty Charts is a mechanical system for Buying and Selling and is projected Free for all traders, on our sister website www.niftycharts.co.in. To beat a mechanical system in Performance is always special, as it shows how difficult the market has been. There has been wild moves on both sides, without a defined trend. To counter such moves, we reduced our number of calls after the first week, and focussed more on accuracy. The result is Satisfactory!

Nifty Options is the best performing package so far, with returns of over 36% for traders following our Risky traders strategy. It is also heartening to see Nifty Futures Positional clocking more than 16% gains this month. Positional package has traditionally been our best performing package, with very limited calls and very high accuracy. We will strive to continue this good performance in this package.

As for Nifty, after moving below 200 DMA, it has once again bounced back above it. Short term sentiment is UP at the moment, however, we have seen that these can change very quickly. Currently, we are looking at a trading range of 300 points for the next 1-2 weeks. The most likely range is between 5630 to 5990. Above 5990, we would be expecting a New High on the Nifty,a nd would trade accordingly. More Nifty Views will be shared through our Blog as and when new developments take place.

Happy Trading!
NiftyPower Team

Reply to an Email Query

Following is a query that we received on email recently, and we think for all followers of this site might benefit with the reply. Please go through the reply, and if you have any doubts, feel free to contact us.

Query 1: Subject: Wrong Buy-Sell signals of  your Nifty Live charts.. After giving a sell signal at around 1:00 pm. the market went reverse..

Query 2: Subject: Buy Sell signal delayed. The sell signal was given late by half an hour today. Instead of 12:30 it generated at aroung 1:00 p.m.

REPLY:

Hi,

Thanks for writing in. We will look into your observation of signals being produced late. Sometimes, the chart may appear delayed during fast movement of the market, as it gets refreshed every 1 minute, whereas the price may move much during that time. However, that delay should not be more than 1-2 minutes, and it should also not affect the trading, as the Buy/ Sell price confirmation on candle closing price, which is a 5 minute candle. However, if it is getting delayed more than that, then there might be a problem and we will rectify it.

Regarding your second observation of wrong buy/sell signals, we accept that this is a loss making month for the Live Nifty Charts, and same is depicted in our performance also. However, it is not fully unexpected, as this month is coming after 4 continuous months of bumper profits. We had expected the same and posted a message for the same in chatbox on April 10th.

Please note that the best way to follow this system is to take each trade following either the “Safe Trader” method or the “Risky Trader” method given in the FAQ section. Apart from this, we also try to share our insights from time to time in the chatbox. These Charts have been running for almost an year now. During the past year, if followed with discipline, these charts would have easily more than doubled the money of traders. You can go through the posts we made on theconsolidated performances in the following links:

Live Nifty Charts Performance 2012

Live Nifty Charts Performance 2013

Hence, we would recommend you to observe the system for sometime, and when you have enough faith, trade with utmost discipline on the signals. Only then will the Performance that we track, and your actual Bank Balance will match with each other.

Happy Trading!

5 April - Nifty View

On Thursday, Nifty opened Gap Down, and continued to slide to make a new short term low on daily charts. In the previous Nifty View, it was mentioned that Nifty may be in the process of making a Lower High. That view has been confirmed. In the process, the Stop and Reverse level of 5675, for aggressive longs taken on the breakout above 5720/5730 has been hit. Traders who took the short trade, should be in good profits now, and can start booking profits, and move their stoploss to around 5705 Nifty Spot level. Those who missed it, should now wait for the next trading opportunity. For the Bulls, there is positive divergence which is persisting in RSI on Nifty Daily charts. Apart from that, the line joining the Lows is offering some sort of support as of now, which can later turn into a bullish pattern. However, since the momentum is on the downside right now, it is better to wait for a confirmed signal from price, rather than taking a risk trade based on positive divergence alone.

The Nifty Option OI Charts are given below:   

In the Nifty Option charts, the Bears dominated the day today. They added a huge quantity of 56 lacs+ Open Interest in Nifty Call Options of 5600 to 5800. On the other hand, Bears covered a huge quantity of 30 lacs+ in Nifty Put Options of 5600 to 5800. Overall, though Nifty has fallen below 5600, and despite the huge covering at 5600 PE today, Open Interest at 5600 PE remains the highest among Nifty Put Options. In Nifty Call options, 5700 CE and above strikes have added nearly 70 lacs Open Interest. Overall, the Nifty option charts indicate a trading range between 5600 to 5700 on Nifty Spot. Since Nifty is below 5600 Spot, the coming days trading should resolve this anamoly.

For Friday, immediate resistance for Nifty Spot comes at 5590/5595 levels. Above this, the next big resistance area for Nifty Spot will come at 5625/5630 levels. Only on a close above 5630 now, can the Bulls hope for some kind of a pause from the Bear onslaught. On the downside, support for Nifty Spot comes at 5565/5570 and 5550 levels. Below this, next major support for Nifty Spot comes 100+ points down around 5430, with minor support around 5520/5525 level.

5 Apr - Nifty Spot resistance at 5595-5625-5650-5700. Support at 5570-5550-5520-5435 - www.niftypower.com

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P.S.:
You can see Live Nifty Charts with Buy Sell Signals during market hours Free on our website www.niftycharts.co.in

Also, Read our Daily  Nifty Analysis published on our Blog www.nifty-power.blogspot.in and have an Edge in you trading

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