Nifty analysis

pramodvarmag · #61 12th June 2008, 09:30 AM

as we discussed Nifty faced resistance near 4535. As global cues are weak on oil price and repo rate hike by RBI, Market may be volatile on opening. Immediate support for Nifty is at 4475, which may be broken in opening trade. Next support level is 4435, as the 61.8% of Fibonacci level of the last bounce. These levels are we to be watched today. On the upside, Nifty need to have a foot above 4540 and to close there. 4700 is acting as the tested resistance level for short term.

As oil price at $136.38 is near its previous high, Dow Jones lost 205 points and closed very near to the day's low. Asian markets are also in same track. Nikkei has lost 357 points in morning trade. HSI is down by more than 500 points.

Nifty June 2008 futures were at 4515.90, at a discount of 7.70 points as compared to spot closing of 4523.60.

The NSE's futures & options (F&O) segment turnover was Rs 45,775.86 crore, which was lower than Rs 53,893.30 crore on Tuesday, 10 June 2008.

Very strong market breadth at NSE. 894:303

FIIs were sellers for 217 crores in capital segment.

nick721156 · #62 12th June 2008, 01:19 PM

Quote:

Originally Posted by prabhjeetrana

If you are looking to trade Nifty only then I suggest you to have a look at this thread, good for beginners

http://www.traderji.com/futures/1635...l-trading.html

Dear friend,

thanks for the direction.

regards,

nick

pramodvarmag · #63 13th June 2008, 09:32 AM

After a gap down opening in the line with global cue, Major indices recovered their losses on the strong figures for Industrial Production Data. Nifty may continue some more uptrend up to 4590 which is the near target. But need to cross and stable above 4550. The closing of index is near the resistance zone. On every dip accumulation can be seen in front line stocks. The expected support level is 4450.

US indices were opened in a very strong position. But in the progress of the trade Dow Jones surrendered most of it gain and closed in green adding 57 points. Asian markets except Taiwan are trading weak in this morning.

FIIs were gain sellers in equity segment. Their net selling was for Rs.1211 crores while DIIs' net buying was for 500 crores.

Nifty June 2008 futures were at 4500.55, at a discount of 38.80 points as compared to spot closing of 4539.35. NSE futures & options (F&O) segment turnover was Rs 52,333.46 crore, which was higher than Rs 45,775.86 crore on Wednesday, 11 June 2008.

Market breadth at NSE was strong. Advances : Declines was 671:511

pramodvarmag · #64 16th June 2008, 09:09 AM

Further momentum in the market is expected above 4550 of Nifty. The technical indicators are giving some positive signs in the market. Most of the front line stocks are well accumulated in last two trading sessions. Likely 4590-4600 can be achieved during the coming action. 4640 is the next target. Buying support can be expected at 4490 and 4450 levels.

The global market are in a positive mood. Dow Jones added 166 points in a recovery rally on Friday. All Asian markets are tracking US cue. Nikkei has won 205 points and HSI has a gain of more than 400 points in early trade. The same trend can be expected here also.

Friday Facts:

Nifty June 2008 futures were at 4482.10, at a discount of 35 points as compared to spot closing of 4517.10.

NSE's futures & options (F&O) segment turnover was Rs 41,003.40 crore, which was lower than Rs 52,333.46 crore on Thursday, 12 June 2008. A turnover drop seen at F&O Segment.

Positive market breadth at NSE. Advances : Declines was 639:539.

FIIs were net sellers in capital segment on Friday - 116 crores, according to NSE provisional data.

Crude oil at NYMEX closed at $ 134.86 with a drop of $1.88.

pramodvarmag · #65 17th June 2008, 09:31 AM

The Broad market likely to consolidate above 4490, which will keep the current short term uptrend. The Nifty yesterday could hit the immediate target and corrected a bit after the strong opening. The index was finding resistance at the hourly trend line. The expected support is at 4540 and then 4490. On the upside, breaking 4620 can be give further momentum to hit 4680.

The US markets yesterday closed mixed. Nasdaq added 20 points while Dow Jones closed in a loss of 38 points. In this morning Asian cues are also in negative mood. All Asian indices are marginally down.

Monday Facts:

Nifty June 2008 futures were at 4570, at a discount of 2.50 points as compared to spot closing of 4572.50.

NSE's futures & options (F&O) segment turnover was Rs 40,166.83 crore, which was lower than Rs 41,003.40 crore on Friday, 13 June 2008.

Market breadth was positive at NSE. Advances : Declines was 835:345

FIIs were net sellers for 547 crores in capital segment - NSE provisional data.

NYMEX crude oil at $ 134.61 a barrel.

pramodvarmag · #66 18th June 2008, 09:39 AM

Yesterday, with strong buying support, Nifty could break the resistance and closed at a strong position. So we expect the uptrend will continue for short term. On some profit taking, Nifty may test supports at 4620 and 4595, which can be treated as a healthy correction is broad market. The major resistance is expected at 4700-4730 zone. A closing above 4730 can give a medium term uptrend breakout.

US indices closed in a red zone yesterday. Dow lost 109 points when other US indices closed with marginal losses. Asia market is responding cool to the US cue. Most of them are in a flat to green zone. Nikkei is up 57 points and HSI up 146 points.

Tuesday Facts:

Nifty June 2008 futures were at 4639.35, a discount of points 13.65 as compared to spot closing of 4,653.

NSE's futures & options (F&O) segment turnover advanced to Rs 42624.38 crore from Rs 40,166.83 crore yesterday, 16 June 2008.

NSE advances : Declines was 862:317
FIIs were net buyers in capital segment for 142 crores.

Crude oil at Nymex closed at $ 134.01 a barrel.