NIFTY FUTURE
On friday night Dow closed 324 points or -3.16% down in a savage session.
Asian market will react to this when they open for trade on monday.
As shown in above chart nifty is near huge resistance of 61.8% retracement area at 5162.
If 5162 is conquered with volumes nifty future will move to 5235 and 5285.
However reversal from this region will take nifty to 4935.
If 4935 is broken with volumes, nifty future will move to 4875, 4835 and 4795 this week.
After a narrow range week, this week promises to be one with a wider range.
As usual we will tracking it here in our daily updates and trading plan.
NEXT : The best of last week
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry’s view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
RECAP
We all saw the brutual selling that happened last week once nifty broke 4920.
Last week’s link: http://jerrytechnicals.blogspot.com/2010/01/weekly-outlook-for-indian-stock-market_24.html
NIFTY
4829 will act as strong support in the coming days for nifty future.
If nifty is able to cross and trade above 4945 next week, it will move to 5015, 5045, 5145 fibonacci extensions.
4800 will be key level to watch on the downside for coming week.
Breaking and trading below 4800, nifty future will straight away fall to 4735 and 4690.
Breaking and trading below 4650 will open up further downsides till 4531 and 4451.
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry’s view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
Nifty
Nifty future will have strong reistance at 5260 and 5290 today.
Only if nifty future is able to trade above 5290 with volumes will it move to 5315 and 5340 today.
If nifty future reverses from any of the resistance level, it will fall to support levels of 5250 and 5235.
5225 is critical support level which nifty should not break and trade with volumes.
In case 5225 is broken with volumes, nifty future will move to 5190 and 5170.
Nifty – Option Watch
Most traded puts
Most Traded calls
Link to weekly outlook: http://jerrytechnicals.blogspot.com/2010/01/nifty-weekly-outlook-11-january-till-15.html
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry’s view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
Nifty
Nifty will have huge resistance at 5250 tomorrow. Trading above 5250 with volumes nifty will move to 5283 and 5335.
If nifty is unable to trade above 5250, it will correct to 5197 levels.
On the downside 5172 is strong support for nifty. Breaking and trading below 5172, nifty future will be mercilessly slaughtered
to 5123 and 5090.
DLF – Bearish outlook
DLF looks weak on charts. DLF future may be shorted around 368 with stoploss above 375 for targets 345 and 330.
Wolfe wave in nifty : http://jerrytechnicals.blogspot.com/2010/01/nifty-making-of-wolfe-wave.html
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry’s view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
RECAP
Readers who went short in nifty future and L&T as we had written would have had a nice trading day at the market.
Tomorrow is expiry as well as last trading day of the year.
Link to yesterday’s post : http://jerrytechnicals.blogspot.com/2009/12/indian-stock-market-outlook-30-december.html
Nifty
Nifty will face huge resistance at 5190 tomorrow. Breaking and trading above that level with volumes, nifty can move to 5220 and 5270.
On the other hand, breaking and trading below today’s low of 5155, nifty will move to 5135, 5115, 5095.
ICICIBANK – Short Pick
ICICIBANK looks weak on charts after reversing from a strong resistance zone.
ICICIBANK future may be short sold around 880 with stop loss at 890 for targets 866, 860, 850.
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry’s view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
Nifty Future
Nifty future may be shorted at 5225 with stop loss at 5250 for targets 5185, 5170, 5150.
Nifty future may be bought at 5145 with stop loss at 5125 for targets 5185, 5225, 5260.
Trading the bank nifty
Other links
Nifty weekly outlook : http://jerrytechnicals.blogspot.com/2009/12/nifty-weekly-outlook_26.html
Gold View update: http://jerrytechnicals.blogspot.com/2009/12/gold-views-mcx-india_27.html
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry’s view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
Last week we had written that gold will fall in a straight line to support of 16500.
Link to last week’s outlook : http://jerrytechnicals.blogspot.com/2009/12/gold-views-mcx-india_20.html
Gold low last week was 16447 !!!!
Gold
Chart take
Short term indicators have moved into oversold zone. However on the weekly time frame, all the indicators have
moved into sell mode.
Chart support exists at 16000.
Chart resistances are placed at 17000 and 17200.
Fibonacci
Last week’s low of 16447 should act as strong support for gold. Breaking and trading below 16447, gold will move to 16050 and 15920.
On the upside fibonacci confluence resistance zones exist at 17070 and 17200. Breaking and trading above the second resistance level,
gold can move to 17500 expansion level.
Indian Stock Market Weekly Outlook :
http://jerrytechnicals.blogspot.com/2009/12/nifty-weekly-outlook_26.html
Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry’s view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.
Source : www.bseindia.com
Day Trading the Indian Stock Market 