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