Friday's sharp U turn after touching 4690-4700 levels must have caused some concern among the bulls. Also, the fact that Nifty finally gave up 4600 means that Bears will have an upper hand at least in the morning trades.
4550-4520-4485 are the levels to watch on Monday. Nifty needs to close above the lower support to end the correction and continue its upward journey. Below that, we may not only see profit booking but fresh shorts which can take the index back to test 4400-4360 kind of levels. Above 4620-4650, bulls will back with force.
Nifty resistance for today are: 4580-4620-4645-4705. Supports are: 4550-4520-4490-4455
Nifty options tips
Monday, June 15, 2009
Thursday, June 11, 2009
Nifty Views for June 11, 2009
As given in weekly views, "we may have some profit booking coming up if Nifty does not cross and close above 4640-4650...............................Given the momentum that we are in, a close below 4360 seems unlikely as of now and going long on dips is the only logical thing to do as the market can stage a quick turnaround".
Nifty stages a quick turnaround from 4370-4380 area after seeing profit booking on Monday. We are in a strong momentum market and going against the tide can be very costly. One should refrain from carrying over any short positions for now.
On Thursday, Nifty is expected to open on a flat to negative note. Watchout for 4605-4610 levels intraday. One can go long on dips with stops around this area for a target of 4715-4750. Below 4610, one can go short INTRADAY for quick gains.
Nifty resistance at 4670-4720-4770. Supports at 4615-4585-4515
Free nifty tips
Nifty stages a quick turnaround from 4370-4380 area after seeing profit booking on Monday. We are in a strong momentum market and going against the tide can be very costly. One should refrain from carrying over any short positions for now.
On Thursday, Nifty is expected to open on a flat to negative note. Watchout for 4605-4610 levels intraday. One can go long on dips with stops around this area for a target of 4715-4750. Below 4610, one can go short INTRADAY for quick gains.
Nifty resistance at 4670-4720-4770. Supports at 4615-4585-4515
Free nifty tips
Monday, June 8, 2009
Nifty Views for week June 8-12, 2009
We had a week of consolidation last week with Nifty ending in green for the week. However, towards the end of the week, some tremors of a correction could be felt and Nifty was unable to hold on to its gains at higher levels facing resistance in the 4630-4640 area.
Going forward next week, we may have some profit booking coming up if Nifty does not cross and close above 4640-4650. If it does on the first two days, one may go long with targets of 4720-4770-4810.
The downside seems to be limited and the bulls will fight fiercely to hold levels of 4490-4430-4360. Given the momentum that we are in, a close below 4360 seems unlikely as of now and going long on dips is the only logical thing to do as the market can stage a quick turnaround. In the unlikely even of closing below 4360, we will be headed towards 4200.
We made a low of 4090 in the last phase of correction/ consolidation and that level should hold for this uptrend to continue.
Going forward next week, we may have some profit booking coming up if Nifty does not cross and close above 4640-4650. If it does on the first two days, one may go long with targets of 4720-4770-4810.
The downside seems to be limited and the bulls will fight fiercely to hold levels of 4490-4430-4360. Given the momentum that we are in, a close below 4360 seems unlikely as of now and going long on dips is the only logical thing to do as the market can stage a quick turnaround. In the unlikely even of closing below 4360, we will be headed towards 4200.
We made a low of 4090 in the last phase of correction/ consolidation and that level should hold for this uptrend to continue.
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