Nifty Key levels for day traders

[linkon7]

This is how the hourly chart looks like...

chances are we might open mildly bullish to flat tomorrow...

 

[linkon7]

It was a bad day of trade for our market that struggled in trade ahead of the RBI credit policy tomorrow. Poor global cues (Goldman Sachs concerns) and commodity weakness added to our woes. Experts feel the market has factored in the rate hike and hence some profit booking was also seen today. Sensex shut shop at 17400, down 190 points and Nifty at 5203, down 58 points from the previous close. CNX Midcap index was down 0.86% and BSE Smallcap index was down 1.50%. Metals, realty and oil and gas stocks took a beating and were down almost 2%. The market breadth was negative with advances at 252 against declines of 1028 on the NSE.

 

[linkon7]

trend decider for the day is 5217

 

[linkon7]

how to plan the trade today :

This remains a sell on rally kind of market unless 5371 is taken out. Up side is capped, so the risk reward ratio is always favourable on the down side. NF is trading at a discount... that's a bearish sign.

5200 call gained huge OI yesterday and since morning, there is no intention of squaring off...

 

[linkon7]

strategy for the next 2-3 day :

buy 5200 put and 5300 call for a combined premium of 78
tgt : 95-120

 

[praveen taneja]

I am on 5100 puts and cost now 11 what u suggest can we see 5000 before expiry????

 

[AW10]

I am on 5100 puts and cost now 11 what u suggest can we see 5000 before expiry????

Kya Praveen Bhai, 10 days mein 10 Bagger mar rahe ho yaar.
10 Rs. ka option will be worth 100 rs if nifty hits 5000.. all the best. (or shall I say all the worst to nifty).

Happy Trading.

 

[linkon7]

The last half an hour ruined a nice bearish pattern. Now we have a scenario where the high of today (5355) might be tested tomorrow and if supply doesnt come in at that level... then we can assume that 5162 is the new low.

Not a happy thought for the bulls or the bears, as every upmove will be met with supply and unless 5162 is broken, further downside looks a bit skeptical... giving us a trading range of 5150 to 5400.

5200 put was being written badly and that ruined the party for me...

 

[kkeskar92]

Here is a bullish butterfly pattern on Nifty 1 hr chart with targets of 5300 and 5330.

Lets see...US and Europe are looking to recover from GS news.

 

[rajsumi121]

buy nifty if close above 5295 stoploss- 5277 target 5430 .... sell nifty if close below 5200 stop loss- 5230 target 5040 ( positional trade only ) .

note- one can buy 5300 may call if close above 5295 and one can buy 5100 may put if close below 5200 ( with above said stop losses )

all levels nifty spot ,please adjust with future .

intraday players - buy at 5205-5210 stoploss-5195 target 5245-5285 .. sell at 5280-5290 stoploss- 5310 target 5255-5230 .

please trade at your own risk and after complete research , please do not follow any one blindly .