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#8851
24th July 2008, 09:10 AM
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Re: Nifty Futures Trading
NIFTY SPOT LEVELS FOR TODAY'S TRADING
SUPPORTS 4450 - The Pivotal level for today, above which bull's strength-show continues. Also, the previous HL, where an attempt can be made to go long, if global conditions are also favourable. 4430 - An important HL support, below which bears will get ready. 4400 - The psychological support / also S1 for today. Good level to go long with SL below 4385. If this also breaks, then bears will gain more strength 4375 4350 - The previous gap resistance should provide support today. S2 is 4330 RESISTANCES 4500 - even yesterday, SPOT was facing difficulty in crossing this milestone 4515 - THIS IS THE PEAK OF 20 JUNE, the day on which dbl-digit inflation was first announced, and SPOT fell like a stone after that. Also, multiple resistance level of day before - 19 june. Crossing this level will be moral-boosting for bulls. This is R1 for today. But, one may attempt short here with SL above 4535.. Daily/Hourly RSI, all indicating over-bought conditions. 4535 - crossing this would result in more covering of shorts. 4570 - The gap resistance band 4535-4580 the R2 for today. For me, full stop for today's bulls... SPOT is over-bought, no doubt abt that. SPOT, though being in an uptrend, is nearing an important downward sloping line, drawn from peak of JAN 08. Take care with long positions, though personally I dont expect any big correction as of now. Below the gap support of 4350-15, 4240 is an important support. So, atleast till this expiry, 4000 is history (unless very negative news come out). Those expecting some cooling/correction should buy near ATM PUTs like 4500 and 4400. Options are depreciating assets over time. 4300 PUT means you expect SPOT to close below 4300 (gap resistance-support) on expiry (6 days to go) 
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#8852
24th July 2008, 09:38 AM
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Re: Nifty Futures Trading
Quote:
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#8853
24th July 2008, 09:49 AM
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Re: Nifty Futures Trading
Today in both the 5min & 30 min chart 4492.15 is the support,after initial 10-15 mins if it can survive that then in the chart 4531.25 may be achieved.
Personally not bias for any direction ,will see the Opening phase first.
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#8854
24th July 2008, 09:52 AM
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Re: Nifty Futures Trading
BEARS SAY:
today is inflation day. Profit-booking likely near EOD next week is rbi policy day Tech indicators point over-bought BULLS say: Economic reforms given priority now FIIs buy in big yesterday after a long time SPOT now even closed above its 50DMA yesterday - intermediate trend also up Good results flow so far No "LEFT"... only RIGHT things for economy net-net, though some cooling is due, trend says to go long on dips (shorts at high risky) and dont carry home longs.
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