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.
RECAP
As we had written yesterday nifty took support exactly at 4993 and moved up violently from there.
Even two lots of nifty would have fetched the reader in excess of 15000 rupees.
Nifty
Tommorow nifty future should find support at around 5115 levels. If 5115 is held nifty future will move up to 5200 – 5225.
5225 should offer resistance for nifty. If it trades above 5225 with volumes, nifty future may even move to 5290 and 5310.
On the downside, nifty future should not break 5072. Breaking and trading below 5072 nifty future will move to
5030 , 4990 and 4970.
Trading the BankNifty
updated at 9.15 am..STERLITE trading idea
STER looks like a good swing trade.
For cash traders, buy ster on retracement to 823 with stop loss at 807 for target 900.
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
Just like we had written, nifty made open low at4967 and moved to our first target of 5000.
It was the only trade possible in what was otherwise a dull day for trading.
Link to yesterday’s post: http://jerrytechnicals.blogspot.com/2009/12/indian-stock-market-outlook-22-december.html
NIFTY
Nifty closed at a strong support area of 4985. This area should act as support in today’s trading.
As long as nifty doesn’t break yesterday low of 4967, it will move upto 5010, 5025 and 5040.
5040 level will act as strong area of resistance today.
NIFTY – Option Watch
Most Traded Puts
Most Traded Calls
There are no levels for bank nifty today.
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
Just as we had written, nifty traded around 4972 for most of the day and once it broke the level with volume, it fell straight to 4937.
Readers who traded BNF with our levels would have printed out the almighty dollar.
Nifty
Nifty is a stonethrow away from fibonacci confluence level of 4917.
And this will provide support for nifty future tomorrow. 4970 will act as zone of resitance.
Crossing 4970 with volumes nifty future can retest 5000 and 5035 again.
Breaking and trading below 4917, nifty future may be whacked to 4895 and 4870.
Nifty – Option Watch
Most Active Puts
Most Active Calls
Trading the Bank Nifty
Useful links :
Gold view updated : http://jerrytechnicals.blogspot.com/2009/12/gold-views-mcx-india_20.html
Nifty weekly outlook : http://jerrytechnicals.blogspot.com/2009/12/nifty-weekly-outlook-21-december-till.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.
Day Trading the Indian Stock Market 