Can't upload the Charts today. last few days, the real time Nifty data has been erratic, to say the least. As if the freak quotes at the pre-open from 9:00 AM to 9:15 AM were not enough. Hence, there are no updated charts and Nifty Views for tomorrow. Hopefully, things will get sorted out by Monday morning.
It was a sellers expiry yesterday. A two way movement with volatile moves till the last hour. Expiries are always Risky to trade. If you wanted to experience that, one should have watched the price movement in Options of November Expiry. Till 3:00 PM, it looked as if Nifty spot had respected the previous bottom made at 5825 and formed a double bottom. It bounced around 40 points, twice from that level (reason for us not taking that short call marked in the chart). However, when it broke it, there was no looking back.
Today, being the first day of the expiry, would confirm whether yesterday's move was a blip Or is it here to stay. We are at the end of the week and the Month end is also nearing. If Nifty is unable to recover some of its losses by the end of this month, it would generate a "Sell" on the monthly time frame. Last time this happened, we had a reversal. Will it repeat this time too?
For today, watch the levels of 5790 and then 5760/5750 on the downside. These have to be protected for any kind of bounceback materialize. On the upside, 5825-5830 and 5850 will be the initial resistances, above which some short covering can take Nifty to test 5880 - 5905 levels again. Trade these ranges now till we get a breakout on the Upside. I don't recommend any fresh shorts right now. For those who are already in short, hold on till we get a reversal (above 5960?).
26 Nov: nifty spot resistance at 5830-5850-5880-5895. Support at 5790-5760-5750-5735 - www.niftypower.com
It was a news driven day. Nifty tanked almost 180+ points and then recovered 120+ points in a V shaped recovery to kill the shorters who traded on News. We prefer to avoid trading on such days. However, there was a nice sell call setup in the morning (before the news), which could have been taken by the traders. Nifty had broken our reference level of 5955-5960 in the morning itself and then was unable to sustain above it.
For today, once again watch the levels of 5955-5960 on the upside. Sustaining above this, Nifty can again target 6000-6020 kind of levels. However, real Bullishness will come only if it crosses and sustains above 6020-6030 spot. On the downside, support would come at 5900-5890 levels break of which can lead for another round of at least 30-40 point fall.
They say that "Bottoms are Made in Panic" in the market. Yesterday was one such panic day. Will 5825 turn out to be the bottom of this correction?? Only time will tell. Be ready!
As expiry is near, trade light with your positions.
24 Nov: Nifty spot resistance at 5960-5975-6005-6020. Support at 5930-5905-5890-5855-5825 - www.niftypower.com
www.niftypower.com - Join us on Facebook and Twitter to get Daily Nifty Levels on your mobile. To join our paid service, mail to power.nifty@yahoo.in / subscribe@niftypower.com OR visit http://www.niftypower.com for details.
www.niftypower.com - Join us on smsgupshup OR twitter to get Daily Nifty Levels on your mobile. To join our paid service, mail to power.nifty@yahoo.in / subscribe@niftypower.com OR visit http://www.niftypower.com for details.
Posts
