Nifty Intraday Updates for Today 20 Dec. 2012

The Nifty traded in a narrow range after opening gap up, the good thing was it held the gap. The view is still positive and once we break 5,950 - 5,960 we could see 6,100 then. 

Nifty Future ended at 5,946.90 with a small spinning top candle. Movement suggests resistance on higher band of the market around 5,990-6,000, so cautious stance needs to be taken. 

The Sensex has supports at 19,410 and 19,300 and resistances at 19,520 and 19,620. The Nifty spot has supports at 5,905 and 5,875 and resistances at 5,940 and 5,965.

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NIFTY Updates for Today 18 Dec. 2012

The Nifty is broadly range bound between 5,840 and 5,930, it keeps consolidating between this range and we see stock specific action in the midcap or certain sector specific stocks. The Nifty is correcting slowly and buying is coming in at lower levels, hence until we are above 5,840 traders should have a positive bias, as I said on all declines the market is being bought into and on the weekly time frame the markets are looking very bullish.   

Nifty Future remained in a narrow trading band of 20-30 points and finally closed at 5,889.35 with a small black body candle. It is trying to find a base around 5,860 level and on the flip side it is facing tough resistance on the rise in the band of 5,930 level. 

The Sensex has supports at 19,190 and 19,080 and resistances at 19,350 and 19,480. The Nifty spot has supports at 5,838 and 5,800 and resistances at 5,885 and 5,925.

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NIFTY Updates for Today 14 Dec. 2012

The Nifty was having another day of consolidation until sometime close to the session end we traded 30 points lower in one swift move. So far we have managed to close above 5,840 levels; Nifty Future ended on a bearish note at 5,876.45 with a big bearish Marubozu candle. For today's trade, Nifty is likely to trade in the range between 5,870 - 5,895 in the upper side and 5,830 - 5,810 in the lower side.

The Sensex has supports at 19,090 and 18,970 and resistances at 19,310and 19,420. The Nifty spot has supports at 5,835 and 5,800 and resistances at 5,885 and 5,910.

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Nifty Alert - Intraday Nifty Updates Today 10 Dec. 2012

The Nifty index moved up last week and moved to 5,944.90 points from a low of 5,629.75 in the previous week. It marked a high of 5,984.65 which is an all time high of the current year. Nifty is likely to face resistance at higher level. It is now taking resistance at 6,000 and 6,070. Once it manage to trade and sustain above the level of 6,000 a further upward movement would be seen and it may test the level of 6,140. On the downside, 5,860 would act as a strong support level for the markets. A breach of this level would increase pessimism and Nifty may face more selling pressure and it may test the level of 5,745.

The Sensex has supports at 19,350 and 19,190 and resistances at 19,530 and 19,650. The Nifty spot has supports at 5,888 and 5,840 and resistances at 5,950 and 5,975.

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Intraday NIFTY Updates for Today 06 Dec. 2012

The Nifty continued its sideways price action, another day of consolidation. And as I have been suggesting all declines would be bought into hence they would be shallow declines. We are on course towards 5,950 and higher towards 6,150. 

Nifty Future closed at 5,940.45 with a doji candle. Candle pattern implies indecision, however trend suggests it is in a strong up-trend. It closed just around 5,940 level and we believe a sustainable movement above this level would trigger fresh longs that would take it towards 6,005 and 6,180 as discussed. We expect market to open on a positive note due overnight policy amendment, so hold long and trade with a positive bias is advisable. 

The Sensex has supports at 19,350 and 19,250 and resistances at 19,450 and 19,550. The Nifty spot has supports at 5,870 and 5,850 and resistances at 5,930 and 5,950.

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NIFTY Intraday Updates for Today 04 Dec. 2012

As suspected the Nifty had a sideways day, a day of consolidation. And as I have suggested all declines would be bought into hence they would be shallow declines. We are still on course towards 5,920 and higher towards 6,150. Trend deciding level is 5,880. If Nifty shows strength above 5,880 levels, then rally to 5,920/5,950/6,000 may be seen. If Nifty does not show strength above 5,880 levels then selling pressure till 5,840/5,800/5,750 may be seen.

The Sensex has supports at 19,250 and 19,180 and resistances at 19,410 and 19,500. The Nifty spot has supports at 5,854 and 5,820 and resistances at 5,900 and 5,950.

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Nifty News Today 29 Oct. 2012

The Nifty has immediate support placed at 5,630 - 5,620 levels and a break below 5,630 is likely to make the correction a bit deeper to levels of 5,550 - 5,540. In the last trading session of the week Nifty managed to take resistance of its 9 and 26 period moving averages, trading above its moving averages and resistance level of 5,760 may take Nifty till 5,800 marks.
           The Nifty has immediate support placed at 5,630 - 5,620 levels and a break below 5,630 is likely to make the correction a bit deeper to levels of 5,550 - 5,540. In the last trading session of the week Nifty managed to take resistance of its 9 and 26 period moving averages, trading above its moving averages and resistance level of 5,760 may take Nifty till 5,800 marks.

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Today's Tip ,26th sept. : Nifty is Likely to be Range Bound

Nifty managed to recover some ground in the last session and closed above 5,670 psychological level. From here, Nifty is expected to move within a range as suggested by its technical indicators. Also, a high volatility is expected to be the order of the week ahead of F&O expiry. Resistance for Nifty now seems at 5,720-5,740 while support stand at 5,540-5,560. On upside if level of 5,720 breaches decisively then we could see rise up to the mark of 5,800, on the lower side if level of 5,540 is breaches then Nifty could retrace up to support of 5,500 mark. Technical indicators like MACD, RSI are also supporting its uptrend move. MACD is showing positive divergence, crossing its signal line (9 Days exponential moving average) from the below. RSI is at 70 level with positive divergence, which indicates positive bias may expect in the market.
On the derivatives front the Nifty Futures prices inclined along with incline in the open interest with incline in cost of carry indicating long position initiated at the lower level. For the coming days, 5,640-5,650 level would act as the strong support for Nifty. There was significant short accumulation was witnessed in ATM Put option. Most of the open interest accretion witnessed in the 5,700 put. On the flip side squaring off was seen between 5,700 and 5,800 strike Call Option which suggests a range of 5,650-5,750 for September expiry.The Volatility Index (VIX) declined significantly to 17.11% at end of the day. Decrease in VIX indicates Nifty is likely to trade with positive bias in initial hours of next days' trade. Volatility has a strong inverse correlation with markets. The put-call ratio of open interest declined on the last day of the week, butclosed below from the previous week at 0.99 levels. The options concentration has shifted to the 5,700 Call option.

SHORT TERM OUTLOOK ON STOCKS


Stocks with short term Bullish Outlook:
STOCK                                                S1                S2              R1                 R2
KOTAK MAHINDRA                     628.57          616.03        648.82          656.53
BHEL                                                245.53          237.37        258.93          264.17

Stocks with short term Bearish Outlook:
STOCK                                               S1                 S2              R1                  R2
JINDAL STEEL                                415.9            406.75         440.1            455.15
CAIRN INDIA                                 324.17           314.58        342.17           350.58

NEWS TO WATCH


1.  Goldman Sachs projects 18% return in next 12 months.
2.  Foreign Institutional Investments rains in September, Rs. 9000 crore.
3.  Rating agency cut Standard & Poor has lowered India’s GDP growth forecast to
      5.5% from 6.5% earlier.
4. Government lines up slew of reforms to attract foreign capital and to accelerate
     capital market.

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