Wednesday, July 16, 2014
Update on Nifty Spot
f-leg is moving well and has crossed the trend-line resistance of 7560-7580. Three bull candles happened. Tomorrow little caution needed. 38-65 points maximum correction has happened till now, so any fall of 38-65 points have to be bought till bias changes from positive to negative. F-leg can go anywhere though 7800 is a substantial resistance. 20-22 days cycle is there for the long trends, this is only 3 day old trend.
Update on Nifty Future
Got a trading range from buy Target1 (7557.3)+20(didn't reach Target2 at 7585.45) to Sell closer to (7536.6) till now. Today was also there was an open above Target1 of Buy, which was strength but failure to reach Target2 (7585.45) was weakness.
The Pre-Market resistance level was at 7566-7572. Nifty Spot struggling in the mentioned area of 7560-7580.
The Pre-Market resistance level was at 7566-7572. Nifty Spot struggling in the mentioned area of 7560-7580.
Nifty Spot 30 Min Chart EOD 15th July, 2014
Last g-leg of 2nd corrective of Major F-leg is now in progress. If it is able to cross and sustain 7560-7580 levels it may retrace more of f-leg down. In the process traders must lighten their position and if not start building shorts for future fall in the form of Major G-leg down or another x-wave down for the corrective major F-leg. Any which way a downmove is going to come soon. Enjoy the rally only till uptrend or bias remains(See Education)
Pre-Market Levels For 16th July, 2014 Working
Trade the Levels, Charts Can Adjust.
For Nifty +/- 5/6 Points and for Banknifty +/-10-12 Points, is allowed deviation
7690-7721 is enormous resistance for Nifty Spot and if cleared well, will become big support for the Month and vice versa.
Nifty Future
Weak below 7520-7526 and Strong above it. 7461-7466 and 7491-7503 Main Support and 7566-7572 and 7586 Main Resistances. 7418 is Day Shocker. Day SAR is at 7631.
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Buy Above or Closer to 7540.60 Target1 - 7557.30 Target2 7585.45 Target3 - 7592.20 Target4 - 7613.60 Target5 - 7629.70 Target6 - 7645.75 Target7 - 7672.55 Target8 - 7699.35 S/L 7536.60-(aggr) /7511.81-(Cons)
OR
Buy Closer to or C.O Above 7485.00 - 7491.80 Target1 - 7536.60-7540.60 Target2 - 7557.30 Target3 7585.45 Target4 - 7592.20 Target5 - 7613.60 Target6 - 7629.70 Target7 - 7645.75 Target8 - 7672.55 Target9 - 7699.35 S/L 7485.00 or Day's Low
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Sell Below or Closer to 7536.60 Target1 - 7519.90 Target2 - 7491.80 Target3 - 7485.00 Target4 - 7463.60 Target5 - 7447.50 Target6 - 7431.45 Target7 - 7404.65 Target8 - 7377.85 S/L 7540.60-(aggr) /7565.40-(Cons)
OR
Sell Closer to or C.O Below 7592.20 Target1 - 7540.60-7536.60 Target2 - 7519.90 Target3 - 7491.80 Target4 - 7485.00 Target5 - 7463.60 Target6 - 7447.50 Target7 - 7431.45 Target8 - 7404.65 Target9 - 7377.85 S/L 7592.20 or Day's High
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Banknifty Future
Weak below 14902-14912 and Strong above it. 14742-14799 and 14812-14842 Main Support and 15041-15059 and 15111-15160 Main Resistances. 14426 is Day Shocker. Day SAR is at 15065.
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Buy Above or Closer to 14942.15 Target1 - 14956.90 Target2 14985.05 Target3 - 15013.20 Target4 - 15106.30 Target5 - 15190.40 Target6 - 15274.45 Target7 - 15358.50 Target8 - 15442.55 S/L 14934.25-(aggr) /14854.15-(Cons)
OR
Buy Closer to or C.O Above 14770.10 - 14891.40 Target1 - 14934.25-14942.15 Target2 - 14956.90 Target3 14985.05 Target4 - 15013.20 Target5 - 15106.30 Target6 - 15190.40 Target7 - 15274.45 Target8 - 15358.50 Target9 - 15442.55 S/L 14770.10 or Day's Low
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Sell Below or Closer to 14934.25 Target1 - 14919.50 Target2 - 14891.40 Target3 - 14863.20 Target4 - 14770.10 Target5 - 14686.00 Target6 - 14601.95 Target7 - 14517.90 Target8 - 14433.85 S/L 14942.15-(aggr) /15022.25-(Cons)
OR
Sell Closer to or C.O Below 15106.30 Target1 - 14942.15-14934.25 Target2 - 14919.50 Target3 - 14891.40 Target4 - 14863.20 Target5 - 14770.10 Target6 - 14686.00 Target7 - 14601.95 Target8 - 14517.90 Target9 - 14433.85 S/L 15106.30 or Day's High
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For Nifty +/- 5/6 Points and for Banknifty +/-10-12 Points, is allowed deviation
7690-7721 is enormous resistance for Nifty Spot and if cleared well, will become big support for the Month and vice versa.
Nifty Future
Weak below 7520-7526 and Strong above it. 7461-7466 and 7491-7503 Main Support and 7566-7572 and 7586 Main Resistances. 7418 is Day Shocker. Day SAR is at 7631.
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Buy Above or Closer to 7540.60 Target1 - 7557.30 Target2 7585.45 Target3 - 7592.20 Target4 - 7613.60 Target5 - 7629.70 Target6 - 7645.75 Target7 - 7672.55 Target8 - 7699.35 S/L 7536.60-(aggr) /7511.81-(Cons)
OR
Buy Closer to or C.O Above 7485.00 - 7491.80 Target1 - 7536.60-7540.60 Target2 - 7557.30 Target3 7585.45 Target4 - 7592.20 Target5 - 7613.60 Target6 - 7629.70 Target7 - 7645.75 Target8 - 7672.55 Target9 - 7699.35 S/L 7485.00 or Day's Low
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Sell Below or Closer to 7536.60 Target1 - 7519.90 Target2 - 7491.80 Target3 - 7485.00 Target4 - 7463.60 Target5 - 7447.50 Target6 - 7431.45 Target7 - 7404.65 Target8 - 7377.85 S/L 7540.60-(aggr) /7565.40-(Cons)
OR
Sell Closer to or C.O Below 7592.20 Target1 - 7540.60-7536.60 Target2 - 7519.90 Target3 - 7491.80 Target4 - 7485.00 Target5 - 7463.60 Target6 - 7447.50 Target7 - 7431.45 Target8 - 7404.65 Target9 - 7377.85 S/L 7592.20 or Day's High
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Banknifty Future
Weak below 14902-14912 and Strong above it. 14742-14799 and 14812-14842 Main Support and 15041-15059 and 15111-15160 Main Resistances. 14426 is Day Shocker. Day SAR is at 15065.
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Buy Above or Closer to 14942.15 Target1 - 14956.90 Target2 14985.05 Target3 - 15013.20 Target4 - 15106.30 Target5 - 15190.40 Target6 - 15274.45 Target7 - 15358.50 Target8 - 15442.55 S/L 14934.25-(aggr) /14854.15-(Cons)
OR
Buy Closer to or C.O Above 14770.10 - 14891.40 Target1 - 14934.25-14942.15 Target2 - 14956.90 Target3 14985.05 Target4 - 15013.20 Target5 - 15106.30 Target6 - 15190.40 Target7 - 15274.45 Target8 - 15358.50 Target9 - 15442.55 S/L 14770.10 or Day's Low
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Sell Below or Closer to 14934.25 Target1 - 14919.50 Target2 - 14891.40 Target3 - 14863.20 Target4 - 14770.10 Target5 - 14686.00 Target6 - 14601.95 Target7 - 14517.90 Target8 - 14433.85 S/L 14942.15-(aggr) /15022.25-(Cons)
OR
Sell Closer to or C.O Below 15106.30 Target1 - 14942.15-14934.25 Target2 - 14919.50 Target3 - 14891.40 Target4 - 14863.20 Target5 - 14770.10 Target6 - 14686.00 Target7 - 14601.95 Target8 - 14517.90 Target9 - 14433.85 S/L 15106.30 or Day's High
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