Nifty Futures Trading

[Czar]

i really hope & expect you meant 'Sunil's chokidar'

No its Sunil your Chokidaar...

 

[Sunil]

But fortunately for some people and unfortunately for few people EU is almost trading in green and DOW futures mildly in discount... but to be frank i did not understand logic of todays fall..when we were trading EU was bit weak but not so much we lost almost 40 to 50 points .. we usually follow hanseng which is up substantially , are there any new concerns ... even crude appears to be settling at 115

nagen,
first of all, not so much correlation can be expected from any other country's index... each has its own technicals...

secondly & importantly, India has an edge over other asian countries with regards to closing time - India is like a bridge between Asia & europe. HS & ST closes at around 1:30 pm our time; so we have two more hours to react to any cues (good or bad) from EU.
So, don't just see a day's performance in solitude. For eg, on Friday, HS had closed in red, while Nifty had picked up quite well in the last hours, thanks to good EU cues post HS closing. So, we already had rallied from sub-4300 levels. And today, at 4400 strong resistance, in short term downtrend, profit booking was for sure.
As for HS, it had to cover lost ground for Friday + overnite good US cues..only round figure support of 21000 helped it today inspite of weak EU cues.

You rightly mentioned that there's a correlation between HS & Nifty (a study had been conducted & had been doing rounds in media), but the study was only regarding positive or negative closings, and not to its EXTENT.
Today, as per this correlation, both HS & Nifty have closed in Green (not necessary, that % of gain should be same)...

I only consider EU openings at around 12 noon, and just for the initial break of ranged trade in nifty - nothing else. Some good intraday trades can be taken with this help... definately not for positional trades...

 

[uasish]

From the attached Nifty Fut EoD chart (in continuation with the earlier one posted).

The Traditional TA still do not vouch for Bullishness in EoD.

New Trading Levels generated in chart.

 

[uasish]

As per the above chart level the Long Entry was at 4295.20 (with 10 points Stop).

The Stop now brought up to Entry.

Expecting the move to go upto 4332.00.

 

[uasish]

Exited @ 4310.05

 

[uasish]

Again 4295.20 gave support.

 

[uasish]

So it ultimately reached 4332.00

 

[Czar]

yes Dada, great call, approaching trendline at 4340 approx

 

[praveen taneja]

yes Dada, great call, approaching trendline at 4360 approx

TRENDLINE 4360 MEAN BULLISH ABOVE THAT????

 

[uasish]

As 4332.00 is a minor Resistance let us see whther it can again breach 4332.00 from below or not,otherwise a Short with 4347.05 Stop can give some profit.