Technical View on NIFTY

[purohitkritika]

Nifty witnessed high volatility today and again get the good buying support at the level of 5190 to 5200. Nifty is holding the 5200 level from few trading sessions which indicating that market is having positive strength and could continue this uptrend for a while. In the upside the nifty future could face the major resistance around the level of 5300. Closing above could take it the nifty future till 5370 in short term. In the downside below 5190 nifty could slip till the level of 5145 to 5150.

[purohitkritika]

Nifty witnessed the high volatility back by the f&o expiry today. Still nifty future holding the 5200 level and getting the strong buying support around it. In the upside we could expect the breakout and nifty could touch the level of 5370 to 5375 in few trading sessions if it closes above 5300 to 5305 range. In the downside the short term support base is seems to be at the range of 5145 to 5150. We recommend that traders should focus on long side in nifty future until it close below 5145 to 5150 range, and they should also book the profit close to the level of 5300 once.

[purohitkritika]

Nifty made the strong upside breakout today as we had mentioned in our previous reprot that nifty could break the upside level of 5300 today. Now nifty is looking to continue its uptrend for while. Closing above 5300 could lead it till 5370 to 5375 range.we recommend that traders should be in long side in nifty future from here for the tg of 5370 to 5375 with the sl of 5250. The short term support range for the nifty future seems to be at the levels of 5190 to 5200.closing below this range could slip the nifty future till 5145 to 5150 levels.

[purohitkritika]

Bank nifty future made the strong upside breakout on long time frame charts and also made strong closing above it. In the bank nifty future we recommend long position for the tg of 9590 and if it close above 9600 and sustain this level then one could go for the tg of 9720 in it during near term. The traders could even go for buy on dips in bank nifty future until it close below the support range of 9300 to 9330. Technical indicators like rsi is also in great direction in daily as well as in weekly charts giving the positive signal for bank nifty future.

[purohitkritika]

Nifty witness some correction on highs today and also made closing below the level of 5300. In the nifty in short term we might see the lower level of 5205 to 5210. But still we are expecting that nifty future could hold the support range of 5190 to 5200. So we recommend that traders could go for long in nifty future until it close below the levels of 5145 to 5150 for the upside tg of 5370.

[purohitkritika]

Nifty is looking to hold broad trading range of 5205 to 5300 for some period of time from here. In the upside we could expect the target of 5370 in nifty future. We recommend that traders could go for long in nifty future until it close below the support range of 5190 to 5205. Closing below this support range could push the nifty future till the lower levels of 5145 to 5150 in near term.

[purohitkritika]

Nifty made the strong come back from the lower levels as we had already mentioned in our previous report that nifty future could continue to hold the uptrend and we might see the target of 5370 in it in near term. Closing above 5370 could lead the nifty future for the upside levels of 5450. In the downside the intraday support base range is seems to be at the support levels of 5195 to 5205. Closing below this support zone might slip the nifty future till the lower levels of 5145 to 5150 in short run. We recommend that traders should focus on long side in nifty future until it close below the support range of 5195 to 5205.

[purohitkritika]

Nifty future hold the uptrend and also hit the higher level of 5370 today as we had mentioned in our previous report that traders could go for the target of 5370 in nifty future when it was around 5265. Now we are expecting the we could see the next level in nifty future on upside around 5450. We recommend that traders should try to focus on initiating the long position in nifty future for the target of 5450. The short term support range for nifty future is seems to be at the support range of 5190 to 5205.

[purohitkritika]

Nifty today again made the up moves and looking to continue to hold the uptrend. In the upside as we had already mentioned in our previous report that it could hit the higher level of 5450 from here. We recommend that traders may initiate long in nifty future from the current level for the upside target of 5405 & 5450. The intraday support is seems to be at the support range of 5300 to 5320.

[purohitkritika]

Nifty future today again made the upside moves and face the resistance close to the level of 5400. In the upcoming trading sessions this upside rally could continue and nifty future could hit the higher level of 5450 in near term. We recommend that traders may initiate the longs in nifty future at the current level for the tg of 5450. Nifty future if sustain this high level might ride till the level of 5500 also. The short term support for the nifty future seems to be around the support levels of 5245 to 5250.

[purohitkritika]

Nifty future faces the resistance close to the level of 5400 and witnessed the profit booking on higher levels and gets corrected from there till 5290 today. Nifty future could get the next support close to the support zone of 5245 to 5250. Closing below this support zone may push the nifty future till the lower levels of 5150. We recommend that traders need to watch out the levels of 5245 to 5250 and below it they could initiate the short position in nifty future for the target of 5145 to 5150 with the strict Stop Loss of 5295.

[purohitkritika]

Nifty today made the strong come back from the level close to 5300 & made the strong closing as well. Nifty looking strong from here onwards and the next crucial resistance for the nifty seems to be at the level of 5450. Closing above this higher level may lead the nifty till the level of 5500. We recommend that traders may initiate the longs in nifty future from here for the target of 5450 and if sustain it might ride to the level of 5500 in near term. In the downside the short term support base is seems to be at the levels of 5245 to 5250.

[purohitkritika]

Nifty witness the range bound movement today & closed the first session of the week with modest losses on profit booking.the market might have reacted to the slower growth in the iip data. The vital thing is that it was getting the good buying support on lows which means that this uptrend could be conitue in nifty future foe while. In the upside nifty future may hit the higher levels of 5400 to 5405 in near term. We recommend that traders could initiate new longs in nifty future above 5400 for the tg of 5450 & 5500. Those traders who already has long in nifty future may hold this with the sl of 5290. Closing below 5290 may slip the nifty future till the lower levels of 5245 to 5250 in near term.

[purohitkritika]

Nifty future had witnessed the selling pressure today and also made the closing below 5300 levlel. The next support for the nifty future seems to be at the support zone of 5245 to 5250. Closing below this level may futher decline the prices and could slip the nifty future till the lower levels of 5150 to 5155 in short term. We recommend that traders need to watch out these stratigies for tomorrow trading session. If nifty future breaks the level of 5250 so they could initiate the shorts in nifty future with the sl of 5300 for the tg of 5150 to 5155, and if holding the support levels of 5250 and made the recovery from that level so traders could initiate long in nifty future above 5300 for the tg of 5375 to 5380 with sl of 5260.

[purohitkritika]

Nifty future closed with the moderate losses and continued the downtrend in fourth consecutive intra day sessions. Overall market was in range bound movement for the whole week. As we had already mentioned in our previous report that nifty future could face the resistance close to the level of 5400 & could face some profit booking on higher levels. Now the next support for the nifty future seems to be at the support zone of 5200 to 5205. Closing below this support zone may indicate some trend reversal in it. Still in nifty future buy on dips would be recommend for the traders with the stop loss of 5200 for the upside target of 5360 & 5380 from the current levels.

[purohitkritika]

Bank nifty future could make the crucial trend line breakout below the support level of 9265. Closing below may drag it down for some time. Technical indicators like macd is also looking to cross the signal line to downside. Oscillator also witnessing that the trend might be reverse from here. We recommend that traders could go for short in bank nifty future below the level of 9265 for the target of 9155 & if it sustains the lower levels the further target could be 9010 in it. The traders should keep the stop loss around the level of 9320 in it.

[purohitkritika]

Nifty witnessed huge selling pressure today and taste the crucial support base of 5200 today. Nifty closed at one month low triggered by sell -off in global market. Now nifty future could get the good support close to the level of 5150 to 5160. Closing below may drag the nifty future for further correction till 5100 to 5105 range. We recommend that traders now may sell nifty future around the current level with the stop loss of 5255. In the downside we are expecting technically more selling.

[ruchin_mittal]

Nifty witnessed high volatility today and again get the good buying support at the level of 5190 to 5200. Nifty is holding the 5200 level from few trading sessions which indicating that market is having positive strength and could continue this uptrend for a while. In the upside the nifty future could face the major resistance around the level of 5300. Closing above could take it the nifty future till 5370 in short term. In the downside below 5190 nifty could slip till the level of 5145 to 5150.

Nifty Support is around 5150-5170 and that's a good support .Any Closing Lower than that is Bearish till at least 5000

[Prashanth]

Nifty Support is around 5150-5170 and that's a good support .Any Closing Lower than that is Bearish till at least 5000

My opinion is that if we break 5150, 5000 is more of a Psychological level which may not hold as expected. I would say we can see 4950 and below that 4850

[purohitkritika]

Nifty again today get the good buying support close to the level of 5200. In the upside 5255 to 5260 range is the intraday resistance zone. Closing above may further hike the nifty future till the higher levels of 5300 to 5310 in near term. We recommend that traders may go for short in nifty future below the level of 5200 for the target of 5100 to 5105 with the stop loss of 5245. Traders could also go for long in nifty future in intraday above the level of 5260 for the target of 5305 to 5310 with the stop loss of 5215.

[purohitkritika]

Nifty closed the volatile session on a flat note today. Today it holds the narrow trading range of 5240 to 5260 throughout the session. Still it could hold its uptrend until it made close below the support range of 5200 to 5205. Closing below this support range may drag it till the lower levels of 5145 to 5150. We recommend that for tomorrow traders could go for long in nifty future with the stop loss of 5205 and for the upside target of 5290 and 5320 from the current levels.

[purohitkritika]

Nifty managed to close above the level of 5250 after the sharp decline from the higher resistance of 5345 to 5350. As we had mentioned in our previous report that one could buy nifty future at current levels for the target of 5300 to 5320, today it did. Now we recommend for tomorrow that traders could go for sell in nifty future below the level of 5200 for the target of 5115 to 5120 with the stop loss of 5245. And if it not breaks the level of 5200 then traders could go for long in nifty future with the stop loss of 5200 for the target of 5350 to 5375.

[purohitkritika]

Nifty in the last trading day of this week had managed to close above the level of 5300. Nifty looking to hold this upside trend for some more time from here. Nifty hold the uptrend today for the fourth consecutive day, after previous five days sell- off. In the upside 5400 & after it 5450 could play the major resistance role. In the downside one could see the support base around the support zone of 5180 to 5200. We recommend that traders could go for long in nifty future at current levels and could keep the stop loss around the level of 5250.

[purohitkritika]

Nifty witnessed the range bound session and hold the higher level of 5300 and also getting the good buying support around the lower levels of 5300. In the upside nifty faced the intra day resistance close to the level of 5350. In the upside 5400 and 5450 are two major resistance for the nifty future. We recommend that traders could go for long in nifty future from the current levels for the target of 5450 with the stop loss of 5300.

[purohitkritika]

Nifty witnessed the volatile session today and in the end managed to close above the level of 5300. In the whole day it traded in the narrow range of 5301-5320.due to futures & options (F&O) expiry we might see some more volatile sessions in market. But still looking technically that nifty future could make some up moves from here. We recommend long position in nifty future from the current levels for the target of 5350, 5380 & 5400 with the stop loss around the level of 5295.

[purohitkritika]

for April 29 2010

Nifty witnessed the huge selling pressure today and get corrected from the higher levels. In the downside still it is holding the support levels of 5190 to 5200. Nifty getting the good buying support close to the support level of 5200. Closing below this support zone may futher decline it till the lower levels of 5100 to 5105 in near term. We recommend that traders could go for long in nifty future from the current levels for the tg of 5290, 5320 & 5350 with the intra day.

[purohitkritika]

Nifty future witnessed the volatile session back by the futures and options (f&o) expiry. Nifty future still holding the level of 5200 which is positive sign for it. Nifty could continue the uptrend for while. In the upside we might expect the main resistance for the intra day trading around the level of 5350. We recommend that traders could fo long in nifty future from the current levels with the stop loss of 5190. In the upside they might get the targets of 5300, 5320 & 5350.

[purohitkritika]

Nifty witnessed the range bound movement today with less volume. in the downside it is still holding the support of 5200. In the upside it is facing the intra day resistance close to the level of 5300. Nifty might continue this upside consolidation for some more time. we recommend that traders could go for long in nifty future from thr current levels until it made closing below the support levels of 5190 to 5200. In the upside we might expect the targets of 5300 to 5325 in near term.

[purohitkritika]

Nifty witnessed the range bound movement with the negative biased for the whole session. Today again it gets good buying support close to the support of 5200 & made the some recovery from it. In the tomorrow session we might expect the trading range of 5200 to 5290 in the nifty future. Closing below 5200 might drag it till the lower levels of 5145 to 5150 in near term. We recommend that traders could go for sell in nifty future below 5200 for the target of 5100 to 5105.

[purohitkritika]

Nifty made the strong correction today and also made closing below the level of 5150. Now the nifty might has reversed its medium term trend and could continue the selling pressure for while. In the previous report as we had already mentioend that traders could go for short in nifty future below 5200 for the target of 5100 to 5105; it is looking to touch in upcoming trading sessions. In the downside we could see the good support zone at 5100 to 5105, closing below this support zone may drop the nifty future till the lower levels of 5020 to 5025 in near term. We recommend that traders could hold the short with the sl of 5205 and those who like to initiate new shorts could do below the level of 5100 for the target of 5025.

[purohitkritika]

Nifty opened gap down and then in the end close above the support range of 5100 to 5105. Today nifty witnessed the smart recovery with the modest loss. Closing below 5100 may create more selling pressure in it. In the downside the key support seems to be at the level of 4950. We recommend that traders could go for sell on nifty future below 5100 for the tg of 5020 to 5025. Risky traders could hold the short nifty future position for the target of 4950.

[purohitkritika]

Nifty witnessed the yet another downside session and in the end managed to close above 5000 level. In the downside two key levels are 4950 & 4820. We are expecting that once market could touch the 4800 level in this downside rally. We recommend that traders could hold the short position in nifty future for the target of 4900 & 4800. In the upside 5100 is looking the major resistance. Those who like to initiate new shorts could do below 4950 level for the target of 4850 with stop loss of 5005.

[purohitkritika]

Nifty made the strong come back from the levels of 4975 to 5000 and today in the end made the closing above 5200 levels. Now we could expect some more upside moves in nifty future from the current levels. The next resistance it could face around the resistance zone of 5290 to 5300. Closing above may raise it till the higher levels of 5350 in short term. We recommend that traders should focus on longs in nifty future from the current levels for the target of 5300.

[purohitkritika]

Nifty witnessed a correction from the higher level close to 5205 and made a close below 5150 level. Technically it is forming the bearish pattern in charts and may witness some more selling from the current levels. In the downside still 4950 is the key support for Nifty Future. Traders can adopt the sell on rise strategy in it for tomorrow but with the strict Stop Loss of 5200. In the downside they could get the level of 5025 to 5030 from the present levels.

[purohitkritika]

Nifty witnessed the highly volatile session today and made the closing above 5100 level. In the upcoming trading sessions we can expect the range bound movement. In the downside the 4950 to 4975 is the crucial support zone for it. Closing below this support zone may drag it till the lower levels of 4700 to 4705 in near term. For tomorrow, traders can initiate long positions in Nifty Future for the Targets of 5250 and 5300 from the current levels.

[purohitkritika]

Nifty witnessed a highly volatile session today and made the closing above 5100 level. In the upcoming trading sessions we can expect the range bound movement. In the downside the 4950 to 4975 is the crucial support zone for it. Closing below this support zone may drag it till the lower levels of 4700 to 4705 in near term. For tomorrow, traders can initiate long positions in Nifty Future for the Targets of 5250 and 5300 from the current levels.

[purohitkritika]

Nifty witnessed the correction from higher levels close to 5200 and made closing below 5100. As we had mentioned in our previous report that one could go for sell on rise in nifty future for the target of 5075 to 5080 today it did. Now as per the candlestick charts study it is looking that market may more correct from the current levels. In the downside the two crucial supports seems to be at the levels of 4950 & 4820. So, we recommend that traders could hold the shorts for some more time. Those traders who like to initiate new shorts could do below 4975 for the target of 4825 to 4830.

[purohitkritika]

Nifty closed above 5000 level after a strong correction till 4962. We had already mentioned in our previous reports that 4950 is the crucial support for the nifty future. Closing below 4950 could slide it till the lower levels of 4830 to 4840 in near term. We recommend that traders should hold the short position in nifty future & those traders who like to initiate the new shorts could do it below the level of 4950 for the targets of 4840 to 4850 with the intraday Stop Loss at 5005.

[purohitkritika]

Nifty witnessed a huge correction today and made the breakout of the downside support base of 4950 to 4960. Today in the end it also made closing below 4950 which means that this down trend could continue and we could expect more selling pressure in it. In the downside two crucial supports are 4830 & 4770. We had already recommended in our previous reports that one could go for short in nifty future for the target of 4830. Those traders who like to initiate new shorts could do it below 4900 for the targets of 4830 with the intraday Stop Loss of 4950.

[purohitkritika]

Nifty witnessed the some bounce from the support of 4900 and in the end closed with the modest gain. Technically still it is not sustaining at higher levels and we could expect more selling pressure in it. One could expect the lower levels of 4830 & 4760 in next few trading sessions. We recommend for intra day trading that trader could go for short in nifty future below 4900 for the taregets of 4840 to 4830 with the sl at 4935.

[purohitkritika]

Nifty continue the down trend and made new low of 4851. Today it witnessed the high volatile session & in the end made the closing with modest loss. Nifty future is looking to continue it's down trend for some more time and in the downside 4830 & 4770 are two key supports. Closing below 4770 could drag it till the lower levels of 4650 to 4660 in near term. We recommend that trdaers should focus on sell on rise strategy in it for the targets of 4770 to 4780 from the current levels.

[purohitkritika]

Nifty continue the down trend and made new low of 4851. Today it witnessed the high volatile session & in the end made the closing with modest loss. Nifty future is looking to continue it's down trend for some more time and in the downside 4830 & 4770 are two key supports. Closing below 4770 could drag it till the lower levels of 4650 to 4660 in near term. We recommend that trdaers should focus on sell on rise strategy in it for the targets of 4770 to 4780 from the current levels.

[purohitkritika]

Nifty today witnessed the strong resistance on higher levels and after once reaching 5000 mark does not been able to sustain. As I had already mentioned in previous report that Nifty Future may slip from the higher levels. Now in the next some trading sessions we might expect the huge correction in market. I recommend that traders should focus on short side from the current levels. Closing below 4850 may drag it till the lower levels of 4760 to 4770 in short term.

[purohitkritika]

Nifty closed with the modest gain and in the end holding the level of 5000. The next crucial resistance zone seems to be around the levels of 5100 to 5110. Closing above this resistance zone may take up it till the higher levels of 5175 to 5180 in short term. We recommend that still nifty future is in the down trend so one could go for sell on rise in it until it made closing above 5110. In the downside we might expect the lower levels of 4900 to 4905.

[purohitkritika]

Nifty witnessed the huge correction today and made the closing below 4950. As we had already mentioned in our previous report that one could go for sell on rise in nifty future until it made closing above 5110. Now the nifty could witness more strong correction from the current levels. We recommend short position in nifty future for the targets of 4700. In the upside 5100 to 5110 is the resistance zone for nifty future in short term.

[purohitkritika]

Nifty witnessed the overall the highly volatile market session & in the end made some recovery and manged to closed above 5000 mark. Technically still 5100 to 5110 is the short term resistance zone for nifty future. Closing above this resistance range may take up it till the higher levels of 5175 to 5180 in short term. One could hold the shorts position in nifty future until it made closing above 5100.

[purohitkritika]

Nifty witnessed the yet another positive session & contniue the upside recovery. Today it managed to break the resistance zone of 5100 to 5110 & also made the closing above it. Now this upside momentum could be continue and one could expect the higher levels of 5200 to 5205 in near term. We recommend long position in nifty future from the current levels for the target of 5200 with Stop Loss around 5060.

[purohitkritika]

Nifty witnessed the yet another positive session & contniue the upside recovery. Today it managed to break the resistance zone of 5100 to 5110 & also made the closing above it. Now this upside momentum could be continue and one could expect the higher levels of 5200 to 5205 in near term. We recommend long position in nifty future from the current levels for the target of 5200 with Stop Loss around 5060.

[purohitkritika]

For Next Week (June 13 to 19, 2010)

Nifty still not crossing the key short term resistance zone of 5200 to 5220, closing above this resistance zone may consider as the indication of trend reversal & we could expect more bounce fom there. As per the current trend of nifty future we could expect that it could hold the trading range of 5000 to 5200 for few trading sessions. We recommend that traders should watch out the level of 5200, if it does not crosses this level one could short for the target of 5000 to 5005 in near term.

[purohitkritika]

For Next week June 21 to 26, 2010

Nifty faced the resistance close to the higher level of 5300 today. It was overall the range bound movement with negative bias. Now technically still we are expecting that nifty future is looking strong due to overall holdings of the support levels. One could expect some more upside close to the levels of 5335 to 5350 in near term. In the downside the intraday support seems to be around the levels of 5200 to 5205. We recommend that traders could focus on both side if it break 5300 that they could initiate long in it for the target of 5350 & if it does not break 5300 so they could go for sell on rise in it for the targets of 5210 to 5215 in near term.

[purohitkritika]

Nifty future today continued the upward rally and made the short term resistance breakout in charts. In the end it made the strong closing above the breakouts. Now in nifty future we might expect the strong upside rally from here. the next key hurdle for the market is seems to be around 5400 level. Closing above this hurdle could take up the nifty future till the higher level of 5550 in near term. As we had already recommended in our previous reports that one should initiate the longs in nifty future above 5250. Now traders could book some profit here because market may face some resistance close to level of 5400. Those who like to initiate the new longs in nifty future could do above the resistance of 5400.