Nifty Futures Trading

[uasish]

I am skeptical of the Last Upmove reflected in the 2 min chart,this can be negated by a good Opening only.

 

[Czar]

SGX already suggests a 35 pt down opening at 4400

 

[Sunil]

now what we have in hand for tomorrow;

the HH HL uptrend since yesterday's last hour is on with stop with today's LOD FUT 4395

the short term LL LH downtrend since last week (acc to me, but need guidance) is also still on with stop at monday's high FUT 4459

One thing can be said even before studying the chart throughly,that this Fall can be an impulse wave,if the high 4454.50 is not taken out to-morrow in opening hrs then we may see some more downside of this wave started from 4454.50 .

right da, monday's high (FUT 4459) needs to be crossed to negate this short term LL LH downtrend

Sunil,

In 60 mins chart the High of 12 noon's bar of Monday that is 4458.00 is what you are saying is to be taken out for a HH HL to be established,you are right theoretically,but i have a Resistance @ 4476.30,hence if you ask me then i would be more comfortable if 4476.30 is taken out .

Asish

(THE ABOVE MENTIONED LEVELS ARE OF FUT)


KEY SPOT LEVELS FOR TODAY'S TRADING

Nifty on Tuesday kept its tradition of making a change in sentiments in short term trend (very general statement)
And yesterday, after 5 days of negative closings, it kept its another tradition of having the 6th day closing in green (99% statistically correct).

Now, Thursdays, I have noticed, that it either confirms the change in trend done on Tuesday, or whipsaws it. So, for this we have two immediate levels to look out for (as mentioned above):
SPOT 4447 / FUT 4459 (monday's highs) (FUT's yesterday HOD 4455 also nearly matches this level)
&
SPOT 4384 / FUT 4396 (yesterday's lows).

Break of either side will give the first signal, but the next important levels, break of which will confirm change/whipsaw (accordingly) are:

SPOT 4480 (break reqd on upside) - This is a key resistance level of 14th Aug (a trading day preceding monday's high of 4447). It failed to sustain and on the next trading day, we had a gap down open till around 4380 (ie 100 pts fall from this thursday's pivot 4480).
Also, I look at break of 50% ret. level (upside/downside, depending on trend) for more confirmation. The fall from 4650 to 4315 has 50% ret. level also at 4480.
And another logical/sentimental factor: FUT is in 20 pts premium. When spot reaches 4480, FUT will be around 4500. This roundfigure resistance may be not so easy to break today.

SPOT 4365-55 - The neckline of this rally since tuesday afternoon trade. Should not break easily today; otherwise this rally from 4315 lows will appear to be a mere correction in this short term downtrend.



SPOT 4408-10 / FUT 4423-24 are the PIVOTAL LEVELs for today. They were the key multiple top levels of yesterday.
(in summary):
Supports: 4385-4365-4355
Resistances: 4435-4450-4480

 

[Sunil]

Forgot to mention about the inflation data coming out today after EOD.

The last hour trade may be tentative with downside bias.

 

[Sunil]

missing renu here about gap filling exercise

 

[Sunil]

scalping long at 4385 fut,
as i considered this as a gap filling exercise on 5 min chart
(gap up of yesterday by touching tues close - spot 4368)

 

[new2sm]

4370.77 is S2

 

[lalpar]

at 4369.9 a sell oreder for 139900 nifty...

 

[mitasatyajit]

Again at lunch point. 4300 - 4350 area. Beautiful place full of natural beauty.

 

[Sunil]

whacked out....
spot agonisingly close to 4350

bullish eyes ignored dbl top on both spot & fut, with neck breaking 1-2-3 step....