NIFTY FIFTY

[srisara]

AMIT,

at what price we can go short? 2370-80?

Satya

 

[AMITBE]

AMIT,

at what price we can go short? 2370-80?

Satya

Hi Satya, I'm certain there are many many shorters out there in trouble today.
I would not short it just yet.
It has been attempting 2368, and past 2370 could test 2377.
It may drop off from the current 2367 too.
Yesterday's drop did not happen on volume, another reason why there is no panic. Today's rise is without significant volume too, it appears.
Would be a gamble purely, looking at things.

 

[AMITBE]

The good thing is it closed a shade above at 2337 off, which forms a good support.
A possible up-side could come and 2365 would again give resistance. Past 2370 is 2377 a difficult mark.
To the down 2330, 2312 may hold good or even 2300.

2335-2337 have been good bouncing points in the recent past, and from yesterday's close there, the NIFTY was under no threat all day today.
The resistance at 2370 was breached briefly for a high of 2373.80, and a close at 2367.75, above the resistance at 2365, which will now be a support, is going to worry the shorters more than a little.
However as the NIFTY climbs, more the chances of a retraction as selling pressure will mount, all the way up till 2400 is sustained.

 

[srisara]

so, we are caught between the Longers and the Shorters.
Look the 1st few minutes of opening. Its a clear signal, who want to take control of it.

An abrupt drop on Monday spelt the doom for Longer, who were able to reagin a bit.

Today looks like the Longers took the control right from 9:55 a.m itself. Missed the chance on both the days..

Tomorrow is another Battle Ground......
Hope all this learning will work out for me one day.

Satya

 

[AMITBE]

So, the market is in a most crucial and interesting phase now, (and how often these lines are being written!)
Is it possible to say yesterday's rally to close at 2367 may be a turning point?
It does appear so, doesn't it?
With every rise, the short covering will keep the up momentum fuelled. Buying from FIIs seems to be coming back. Traders are increasing their exposure.
Yet every rise increases the talk of a fall again.
For now, 2370 tested and won, 2377 may give resistance unless it's taken out very early in the opening momentum of the session. A climb above 2380 would seem logical then. If that sustains, we should be looking to retesting upper peaks some time soon.
To the down, 2359 is an important level today, as below this the support at 2350 would be threatened. 2345 has held so far very well.
Crude is up there again, and that may spoil the party.

 

[AMITBE]

For now, 2370 tested and won, 2377 may give resistance unless it's taken out very early in the opening momentum of the session. A climb above 2380 would seem logical then. If that sustains, we should be looking to retesting upper peaks some time soon.
To the down, 2359 is an important level today, as below this the support at 2350 would be threatened. 2345 has held so far very well.
Crude is up there again, and that may spoil the party.

2376.75 was all that was managed yet. 2377 remains a difficult level for the NIFTY.
Past this, an upside to past 2380 may materialise.
On the low this morning 2355 was good enough.
The sentiment seems very positive so far.

 

[srisara]

AMIT,

I am in Dr. Reddy today SEPT Futures @ 797. What are the prospects? Little nervous whether to hold or Square Off.

Your view shall help me.

Satya

 

[AMITBE]

AMIT,

I am in Dr. Reddy today SEPT Futures @ 797. What are the prospects? Little nervous whether to hold or Square Off.

Your view shall help me.

Satya

Hi Satya, please do check with joy_mitali on Futures play.
For the rest, I'll post my views on Dr. Reddys on the other thread later tonight.
Regards.

NIFTY tested 2378 and fell back. Important to stay above 2377 for the good run to continue.

 

[srisara]

Thanks AMIT....

 

[AMITBE]

Making calls on the NIFTY are not easy any more. After a choppy Aug. where 2400 plus and 2300 were both tested, it appears to be heading for the upper levels again.
After a few successive days of fall followed by a few sessions going up, we are now at some really strong resistance zone at 2390-2396. Profit booking after the few days of rally may be likely as the tension mounts at higher levels. Yesterday morning's jolt to the down seems rather telling. The day was saved via some disciplined consolidation.
For the good thing to continue, a similar consolidation is called for again. A quick jump ahead early in the session is fraught with danger of a swift fall unless sustained, which seems unlikely yet.
To the down lies 2377 quite close to yesterday's close. This has been working as a bit of a trigger point. Below this, 2375 would not support the fall, and then 2365 would be exposed.
A good sideways consolidation would be between 2377-2390.