NIFTY AS EXPECTED COULD NOT SUSTAIN ABOVE THE GIVEN CRITICAL LEVEL OF 5680 SPOT & AFTER OPENING WITH A GAP UP HIGH OF 5684 TO TRIGGER SHORT COVERING & INDUCE BUYING INTEREST, NIFTY SPOT CONTINUOUSLY FELL TO MAKE A DAY LOW OF 5633 BELOW THE TUESDAY’S LOW OF 5636 SPOT TO AGAIN MOVE UP DURING THE LAST HALF HOUR TO A HIGH OF 5666 TO FINALLY CLOSE AROUND 5656 SPOT LEVELS. ALTHOUGH OPERATORS’ VENOM CONTINUES TO STAY WITH THE MARKETS TO SEE FURTHER LOWER LEVELS THIS WEEK YET TECHNICALLY SPOT NIFTY SEEMS TO HAVE MADE A BOTTOM AROUND THE 5630 LEVELS .
WITH THE FORMATION OF PROMINENT WOLFE WAVES IN THE 60,30,15 & 5 MINUTE CHARTS, IT IS QUITE POSSIBLE THAT NIFTY MAY SWING UP FROM THE CURRENT LOWS
AROUND 5630 SPOT TOWARDS HIGHER LEVELS. IT IS QUITE INTERESTING TO SEE INDIAN MARKET IS THE LONE LOSER FOR THE 2ND CONSECUTIVE DAY ON TUESDAY & WEDNESDAY IN SPITE OF DOW RISING BY 100 POINTS ON BOTH THESE DAYS AND REST OF THE ASIAN MARKETS ALSO BEING BUOYANT FOLLOWING DOW DURING THESE TWO DAYS.
FOR INTRADAY TRADING ON THURSDAY, SPOT NIFTY FINDS INITIAL SUPPORT AROUND 5636 BELOW WHICH 5626 TO 5620 SPOT ZONE SHOULD BRING THE BULLS BACK INTO ACTION, FAILING WHICH ONE MAY SEE FURTHER SLIDE TOWARDS 5606 SPOT LEVELS THAT MAY PROMPT THE BEARS TO BOOK PROFIT FOR THE DAY AND TURN BULLISH FOR SOME HIGHER LEVELS. SIMILARLY ON THE HIGHER SIDE SPOT NIFTY HAS TO INITIALLY BREACH THE NEAR RESISTANCE OF 5676 FOLLOWED BY THE CRITICAL RESISTANCE ZONE OF 5688 TO 5692 TO INDUCE MASSIVE SHORT COVERING TO PROPEL SPOT NIFTY TOWARDS 5710 TO 5720 LEVELS SUSTAINING ABOVE WHICH ONE MAY EVEN SEE THE CRITICAL SPOT ZONE OF 5740 TO 5750 BEING TESTED .
INTRADAY TRADERS MAY GO LONG IN CASE SPOT NIFTY MANAGES TO BREACH AND MORE IMPORTANTLY SUSTAIN ABOVE 5670 TO 5675 ZONE FOLLOWED BY WEDNESDAY’S HIGHS OF 5684 SPOT INITIALLY & MORE LONGS MAY BE ADDED IN CASE SPOT NIFTY SUSTAINS ABOVE 5696 TO 5700. SHORTING MAY BE AGGRESSIVELY TAKEN IN CASE SPOT NIFTY FAILS TO APPROACH OR CROSS 5695 TO 5700 LEVELS WITH A TIGHT STOP LOSS ABOVE IT TO REVERSE FOR LONGS. SIMILARLY FAILURE TO HOLD SPOT LEVEL OF 5630 CAN ALSO BE SHORTED WITH CONFIDENCE IF BUYING ON DECLINES FROM SPOT LEVELS OF 5640 OR 5636 FAILS TO TAKE NIFTY SPOT UPWARDS.
WITH THE FORMATION OF PROMINENT WOLFE WAVES IN THE 60,30,15 & 5 MINUTE CHARTS, IT IS QUITE POSSIBLE THAT NIFTY MAY SWING UP FROM THE CURRENT LOWS
AROUND 5630 SPOT TOWARDS HIGHER LEVELS. IT IS QUITE INTERESTING TO SEE INDIAN MARKET IS THE LONE LOSER FOR THE 2ND CONSECUTIVE DAY ON TUESDAY & WEDNESDAY IN SPITE OF DOW RISING BY 100 POINTS ON BOTH THESE DAYS AND REST OF THE ASIAN MARKETS ALSO BEING BUOYANT FOLLOWING DOW DURING THESE TWO DAYS.
FOR INTRADAY TRADING ON THURSDAY, SPOT NIFTY FINDS INITIAL SUPPORT AROUND 5636 BELOW WHICH 5626 TO 5620 SPOT ZONE SHOULD BRING THE BULLS BACK INTO ACTION, FAILING WHICH ONE MAY SEE FURTHER SLIDE TOWARDS 5606 SPOT LEVELS THAT MAY PROMPT THE BEARS TO BOOK PROFIT FOR THE DAY AND TURN BULLISH FOR SOME HIGHER LEVELS. SIMILARLY ON THE HIGHER SIDE SPOT NIFTY HAS TO INITIALLY BREACH THE NEAR RESISTANCE OF 5676 FOLLOWED BY THE CRITICAL RESISTANCE ZONE OF 5688 TO 5692 TO INDUCE MASSIVE SHORT COVERING TO PROPEL SPOT NIFTY TOWARDS 5710 TO 5720 LEVELS SUSTAINING ABOVE WHICH ONE MAY EVEN SEE THE CRITICAL SPOT ZONE OF 5740 TO 5750 BEING TESTED .
INTRADAY TRADERS MAY GO LONG IN CASE SPOT NIFTY MANAGES TO BREACH AND MORE IMPORTANTLY SUSTAIN ABOVE 5670 TO 5675 ZONE FOLLOWED BY WEDNESDAY’S HIGHS OF 5684 SPOT INITIALLY & MORE LONGS MAY BE ADDED IN CASE SPOT NIFTY SUSTAINS ABOVE 5696 TO 5700. SHORTING MAY BE AGGRESSIVELY TAKEN IN CASE SPOT NIFTY FAILS TO APPROACH OR CROSS 5695 TO 5700 LEVELS WITH A TIGHT STOP LOSS ABOVE IT TO REVERSE FOR LONGS. SIMILARLY FAILURE TO HOLD SPOT LEVEL OF 5630 CAN ALSO BE SHORTED WITH CONFIDENCE IF BUYING ON DECLINES FROM SPOT LEVELS OF 5640 OR 5636 FAILS TO TAKE NIFTY SPOT UPWARDS.
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