Trading Strategies' log !!

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How was Equity Market on June 6, 2013 ?

Nifty opened negative, 28 odd points down, on the back of negative global cues. It further decline after opening, in the first half of the trading session. It Broke below its important support of 5883 level & dipped further till 5869. Nifty bounced& rallied up above till 5900 levels. In the second half of the trading session, Nifty continue with the bounce & broke above its intraday high to trade in green. In last hour of trading, a volatile move was seen, after covering all the losses of the day, it ended slightly in red. Sectors which helped nifty to take a bounce are BANKING, REALITY & MEDIA. On the other hand, Nifty draggers were PHRAMA, INFRA & IT.

 

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Glance Ahead - view for Equity Market on June 7, 2013 !!

As seen, Nifty could not hold below 5900 level for longer & manage to close above this level this is the 2nd day, we are witnessing the same . This indicates Nifty might take bounce from here. For tomorrow's session, in intraday, Nifty is having a Resistance of 5955 levels, if it manages to break above his level, then a bounce might be seen till 5980 & 6000 levels. But major Resistance is around 6090-6100 zone. On the down side, 5900 level is still acting a strong support, iff, Nifty manages to close below this level, then further correction till 5850 & 5760 levels might be seen. In intraday, 5870 might act as support for Nifty. Traders are advice to watch for 5900 levels in intraday & trade with strict stop loss as possibility of bounce is higher.

 

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How was the Equity Market on June 7, 2013 !!

Nifty opened 21 odd points down, for 3rd consecutive day, as bears are fighting against the bulls. But, it could not hold below 5900 for longer, in the first half of the trading session, after making a low of 5886 it bounced back, moved up sharply, broke 5900 levels & tested it resistance of 5970 levels, which is the Neckline of the Head & Shoulder pattern on daily chart. In the second half, some profit booking was seen in Nifty. After testing its resistance, bulls could not hold Nifty on the up side for longer, it further corrected & again broke below 5900 & retested its intraday support of 5870 levels & closed in red with loss of 40 odd points. All Sectors ended up in red except IT & PHARMA, which tried to pull Nifty in green. Biggest losers of the day were REALITY, INFRA & BANKING.

 

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Glance ahead - view for Equity Market on June 10, 2013 !!

As seen, Nifty closed below 5900 level, after a bounce & re-testing the Neckline of Head & Shoulder pattern on daily chart. This shows that traders' sentiments for Nifty are negative. For tomorrow's session, in intraday, 5850 level will be a strong support for Nifty, if it manages to break below this level & hold below this level, then further correction might be seen till 5760 & 5700 levels. On the up side, 5900 level is a crucial Resistance for Nifty, in intraday, if it manages to break above this level, then a bounce till 5980 & 6000 level is possible. Major resistance is around 6090-6100 zone. Traders are advice to go for long positions in Nifty, iff, it manages to sustain Above 5900 levels with a strict stop loss. If it break below 5850 the traders may look for short sell opportunities.

 

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How was Equity Market on June 10, 2013 !!

Today, it has been a shallow trading day, with 422 Advances and 879 Declines. Nifty opened with a gain of 23 odd points, rushed up gaining another 24 points, on the back of Positive Global cues. After taking resistance from its intraday resistance levels of 5940, it showed a sharp fall, wiped out all the gain and tested 5870 levels, in First half of the trading session. In second half of trading session, Nifty re-tested 5870 levels, making it a range bound movement of 20 odd points (approx) but in last hour of trading session bears pushed Nifty below its important support of 5870 levels & tested its next support of 5850 levels and closed in red. Sectors who took all the morning gains of Nifty were REALITY, BANKING & PHARMA . On the other hand, sectors managed to end up in green were IT, FMCG & ENERGY.

 

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Glance ahead - view for Equity Market on June 11, 2013 !!

As seen, Nifty closed below 5900 levels, which hints further negativity in Nifty. As Nifty took support from 5850 levels, which might act as strong support, in intraday, if it manages to cross & holds below this level, then further correction might be seen till 5760 levels but 5700 will be a strong support for Nifty. On the up side, 5900 is still a crucial resistance level for Nifty, if it manages to sustains above it, then a rally might be seen till 5940, 5970 & 6000 levels. But 6100 level is the major resistance level for Nifty. Traders are advice to go for long positions, if Nifty manages to sustain above 5900 levels & look for short sell, if it hold below 5859 levels with strict stop loss.

 

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How was the Equity Market on June 11, 2013 !!

As discussed in previous write-up, yesterdays closing below 5883 levels hinted of more negativity in Nifty. Today, Nifty opened GAP DOWN of 30 odd points, below its crucial support level of 5850. Bears completely took over, Nifty corrected for almost 90 points breaching below 5800 levels, with 266 Advances and 1010 Declines (approx.), in first half of trading session. On the flip side, USDINR marked its all-time new high of 59.1350 (11.59 AM), which added to the tragic picture. In second half of trading session, Nifty bounced up, after taking support at 5780 levels and further broke its virtual resistance of 5800 levels (as of now) and showed a range bound movement around these levels. After breaking free from the range bound movement, Nifty tried sustaining above 5800 levels, but in last hour of session, it re-tested it support levels of 5780. Nifty closed in red with a loss of 90 points approx. Sectors which were hammered the most due to fierce correction were REALITY depreciated 3.80% & METAL declined for 4.43% & MID-CAP depleted for about 2 %.

 

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Glance ahead - View for Equity Market on June 12, 2013 !

On Third consecutive RED DAY, Nifty managed to close above it major support of 5760 on Daily Chart, which is also it 200 EMA on Daily chart. For tomorrow, 5760 levels, again, will remain important intraday support, break below this level will lead to further correction till 5700 & 5650 levels. On the up side, 5850 will be intraday Resistance level & 5910 will be the major Resistance level. For Nifty to trade in green, a closing above these resistance levels is mandatory. Traders are advices to maintain their short sell positions for Nifty with strict stop loss. Look for fresh short sell trades, iff, Nifty bounces to test its resistance 5850 and if it could not manage to break above this level.

 

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How was the Equity Market on June 12, 2013 !!

Today's session was quit a volatile session, as witnessed, Nifty opened 20 odd points down on the back of negative global cues. In the first half of the trading session, Nifty went below its important support of 5760, which is also its 200 EMA on daily chart & corrected till 5740 levels. This correction was supported by poor IIP & CPI numbers announced today. In the second half of the trading session, Nifty took a bounce on the back of positive expectations of 25 BPS rate cut in Upcoming Monetary Policy, which is to be announced of June 17, 2013, managed to break its intraday high but fail to cross above 5800 levels. In the end, Nifty closed in red at 5760.20, near to its support of its 200 EMA on daily chart. Almost all the sectors ended up in red except ENERGY, PHARMA, REALITY & PSU BANK. Sectors which declined the most were METAL ,MEDIA , IT & FMCG.

 

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Glance ahead - View for Equity Market on June 13, 2013 !!

As seen, Nifty closed near to its support of 5760 level which is its 200 EMA on daily chart, negativity is still intact in Nifty as of now. For tomorrow's session, if Nifty holds below its 200 EMA & manages to break below 5740 levels, in intraday, then further correction can be seen till 5700 & 5650 levels. On the upside, 5800 level will act as strong intraday resistance, if it manages to cross & sustain above this level then a rally might be seen till 5910 levels. Traders are advised to book their short sell positions at possible opportunities or maintain a stop loss at 5800 on closing basis. Further decline might be seen, iff, it manages to close below 5700 level. If it manages to sustain above 5800 levels, traders are advice to take Long position with strict stop loss.