Pre-Market - Nifty Future and Bank Nifty Future Levels for 8th Nov, 2013

Nifty Signal is Sell on rises

6225+ Spot will be strong and weak below.

Nifty Future Near Month

6362             -   Sell Here
6330             -   Resistance
6295-6305   -   Strong Stiff Resistance / Sell Here / Buy above
6280             -  Strength above
6260-6267    -  Stronger above
6246-6254    -  Sell level / Resistance / Buy above
6218-6222   -   Support
6200             -  Good Support
6170-6176   -   Buy level
6164            -   Strong Support level
6140-6150   -   Strong buy

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11360 + Bank Nifty Spot will be strong and weak below.

Bank Nifty Future Near Month

11850-11900  -  Sell Zone
11570-11650  -  Strength Test / Buy above / Sell below
11490-11535  -  Sell here / Buy Above
11280-11340  -  Resistance
11220-11240  -  Strong above
10940-11030  -  Buying Level

Nifty Spot Support - Important level

6130-6141 Nifty Spot has plenty of Support.

6130  - 80% retarcement level for 6079-6343 rise
6142 - 20 EMA
6163 - 20 DMA

to complete the retracement of rise from 6079 - 6342.95, Nifty has to retrace 6079 by tomorrow (preferred) or Monday opening hour Maximum. If done d-leg (of the probable extracting triangle) will be confirmed. If not then other options have to be exploited.

Nifty Future

Exit all longs in Nifty Future @cmp 6228 for the time being, since 6200 spot is broken on close and we may see tomorrow.

Nifty Future

Book longs initiated near 6225 here @cmp 6236

Update

Nifty future longs are safe between 6200-6225, if price reaches there. Time-wise tomorrow is the last day allowed for retracement of the earlier up-move from 6079.

Nifty Spot

This should be the final leg of correction this round.

Nifty Future update

Exit Longs in the zone 6275-6285

Nifty update

With this sell off bull Flag is out. Whether Nifty will make another lower low or not remains to be seen. 50% longs may be initiated in Nifty Future  here @6240-6260.

Nifty Spot Update

Looks like a bull flag being formed, may target 6310-20 and above 6330-6350 or more is the Target.

Bank Nifty Future - Volume Profile, Week

Same Happened for Bank Nifty,  Prev. Week POC Supported!  Will get strong above 11730.

Nifty Future Update - Volume Profile, Week

Nifty Future got supported near Previous week POC and bounced, will get fuel above 5350.

Nifty Future

Nifty Future Reacted from the mentioned Sell Zone in the Pre-Market View

6329-6339      -   Sell Zone

Nifty Spot Daily

Intra Update

Broken out of wedge.  Look at the power of breakout!

Intra Update

Still within Falling wedge. Book 50% Longs in Nifty Future in the range  6265-6275 or  Initiate 50% more Nifty Future longs in the range 6215-6230.   Market may remain lackluster till tomorrow 2nd half. IIP Data may be the stimulus.

Nifty Spot Update

Watch out for the following levels in Nifty Spot holding the last low 6207.35

Next Resistance    6316
Next Resistance    6290-6300 (stiff)
Next Resistance    6271-6275 (Sell Zone)
Next Resistance    6257-6261 (Good Resistance)
Strength above     6232-6242
Buy Holding         6220

Nifty Future update - Follow up from yesterday

Suggested to initiate positional longs in the range 6220-6260 yesterday and today  for 5400.

Nifty Spot update - Watch out the falling wedge, bullish above 6230

Nifty Future Pre-Market Comments

6253-6268+ and 6295+ Nifty Future may add strength.  Oversold bounce is expected.