Nifty future intraday chart shows nifty future is more likely to bounce for intraday trading, so I would suggest traders to look at 4945 level for long entries with 20 points gain in this trade hence targets will be 4965 level. Stop loss also 20 points i.e at 4925 zone. Here Risk-Reward-Ratio is 1:1 and I wont be taking this trade today, as I will be busy with some other work. On 15 min charts ... [Continue Reading]
Next Strong Resistance for Nifty futures at 4960 level, Short Selling Opportunity
Nifty future last week bounced from very good support level, but this bounce was a technical bounce and fundamentals had not changed at all. I am still of the view that nifty will be add some selling pressure around 4960 levels as level being strong resistance here. In the below chart the retracement of November 2010 high to low of December 2012, 23.6% level falls at 4967. Also retracement from ... [Continue Reading]
NSE Defty is Trading near Support, Bounce in Nifty Future Likely
NSE Defty index (Dollar weighted index for NSE Nifty, so here nifty is moving lower as well as INR (Indian Rupee) is moving lower hence the portfolios of foreign investors (FII) are suffering much loss then Indian investors, as most of the foreign players use NSE Defty as their benchmark index for performance. Today I am seeing that NSE Defty has been near its support zone of 2960-2980 I am ... [Continue Reading]
Intraday Trading Pick: Short Sell Tatasteel, Nifty Future near support
Today's intraday trading pick is on tata steel stock, which is already trading weak, down by about 2.4%. I would suggest intraday traders to short sell tatasteel around 396 for targets as 390 and then 387, while placing targets for this trade around 398 zone. Global demand for steel has seen a bit of slowdown as euro-zone crisis has emerged again and spoiling the risk rally again this year. Today ... [Continue Reading]
Time to Buy Bank Nifty, Technical Bounce in few Sessions
Bank nifty future broke below 9000 level on may futures contract, but as I switch to charts I see 9000 level is 61.8% Fibonacci support level on daily charts and so I am waiting for execution of long positions in BankNifty future around 8980 - 9000 range for positional targets as 9325 and then 9400 levels, with placing stop losses just under 8925 level on 2 days closing basis. Check below chart of ... [Continue Reading]
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