Murrey Math and Options data based position

    Nifty Future
    6163 - 6202   - 6242  - 6281 - 6321

    Nifty Spot
    6215, 6250, 6299 and 6336-6346  Resistances
    6092, 6142, 6205 and 6279 Supports

   Banknifty Future
   11236 - 11289   - 11343  - 11396 - 11503
  
   Banknifty Spot
   11321, 11400-11404, 11465 and 11514 Resistances
   10897, 10971, 11040 and 11194 Support 

F&O Cues

F&O Cues updated.  Generally Shorts are getting built positionally it seems.

Update

Nifty Spot has saved week trend decider level of 6166 and also Banknifty Spot saved 11149 by closing.

Update

Nifty Spot at resistance point 6214-6216. Close above 6216 better for Monday opening.

3 P.M

Update

Nifty Future hasn't been able to crossover the given Sell level in the pre-Market View.
6235-6247        Sell Zone

Update

Nifty Future has done 6238 - month T1,  6178 - Month T2 and  6082  - Month T3 are left to be done, S/L is 6268 (Price sustaining above)

Banknifty has done 11115 - Month T1,  10885 - Month T2 and  10518  - Month  T3 are left to be done, S/L is 11378  (Price sustaining above)

2 P.M

Update

Monday we can have a fresh look. Nifty Future is getting supported at 6200 for the day.  Positional swing traders need not bother about anything else than the bias theory.

Update

Profit booking in shorts  better.

Murrey Math and Options data based position as 12.45 P.M

6214-6216 Resistance and 6145-6150 Support for Nifty Spot.

6202 break will bring in more weakness in Nifty Future

Update for Swing traders - Nifty Spot

Part profit booking may be done if price reaches 6140-6150 (or closing is above 6205) zone in view of Oversold hour and weekend.

Update

For the day 6191 - 50 DMA is the first sign of weakness and breaking the day's low 6178.85 is the next confirmation for new lows else we may hang around or give some more bounce.

12 Noon

Swing Trading

Swing Trading is Holding position till the bias change, i.e. Holding Shorts in downtrend till the price closes above previous day High or Holding Longs in uptrend till the price closes below the previous day Low. 90% trading hassles will be over if this is followed, but deal with futures not in options and only when a trend emerges. Options are for smarter technical traders only.

Note : Here close means EOD close

11 A.M

Update

Possibility of another bear flag developing longs are highly risky still, sell on rises till close above last day high.

Update

Daily Short Term and Hourly Oscillators are getting oversold. 2nd half buying may be attempted if Nifty Spot gets above / holds above 6205

Update

Nifty and Banknifty Key Values Updated

10 A.M

Nifty Update

One can look to buy Nifty in the 2nd half only if price sustains above 6208 for Nifty Spot.

Update

Bias +ve as long as 6191 [50 DMA] holds.

Update

Nifty Spot Price holding 50 DMA 6191, weakness below it.

Arguably Signs of Major Top in Place

Tentative Lebelling of Nifty Spot Hourly Chart

Pre-Market Levels For 3rd January , 2014 Working

Positional Buying is out of question till we get a close above the Previous day High and till then sell on rallies.

Nifty Spot [6133 - 6324] +/- 15 Points Allowed
Below  6226 Target 6151 and Next 6084

Nifty Future [6130 / (--)6279 / 6369 / 6424(++)]  +/- 15 Points Allowed
6235-6247        Sell Zone
6198-6207        Good Support / Resistance / Remain Short Below
6185                 Weakness below
6151                 Good Support / Buy Zone
6120                 Buy Zone

------------------------------------------------------------------------------------------------------------

Banknifty Spot
Below 11059 Target 10875

Banknifty Future
11344-11385      Sell Zone
11189-11217      Stiff Resistance
11063-11081      Weak Below
10794-10863      Support
11660                 Buy All