Nifty MAGIC Levels For Today

[san77s]

Sir,
Today NF open high was same as 5112.35. From there Nifty start fall and reach the 2nd level buy of 5091. From here it moved some 15 point upto 5105 and start further fall and broke the S/l of 5071.
Here my doubt is when nifty fall above from a level is it advisable to enter long? Like todays one.
The short entry at 5069 is perfect because it break a level then we enter with full confident.. Is my point is right? please clarify..

Thanks & Regards,
S.Saravanan

 

[shoby]

Dear Saravanan, These levels are derived from previous days markets movement so we need to have a look at real time nifty conditions before we enter a trade.Today there are few things we should have taken care of...1) it was an open-high day and we should not go long until that is taken out...2) otherwise we can take long at very near the stop loss of 5071 if it had come, so the risk taken is very small 3)ok we entered at 5091 and nifty tries to retest opening high 5112 but fails at 5103 and comes down we should close the trade at cost and go long, only after high is taken out.
Trading is a mind game and these levels try to eliminate much of "mind" in the game but still we need to put our mind to reduce the loss making trades....

 

[shoby]

NIFTY MAGIC LEVEL 7.5.10

MAGIC POINTS ARE 5132 and ...
Resistance & Support POINTS ARE 5181... AND 5042...

We have 5132 as the Magic number , so its buy above 5132 and sell below 5132 with support and resistance at 5042 and 5181. If Magic is not reached we have the Levels below to trade...

LVL 1)BUY NIFTY FUTURES ABOVE 5143.... S/L below 5123.. SELL BELOW 5121... S/L ABOVE 5141



LVL 2) Buy NIFTY FUTURES ABOVE 5053 .S/L below 5033.... Sell below 5031... S/L above 5051......



LVL 3) BUY above 5192 --S/L below 5172....
SELL below 5170.. S/L above 5190...


7th MAY Pivots

4980<--->5042<--->5080<-->5119<-->5132<-->5181<-->5212

 

[scplindia]

At the present condition of PIIGS countries, we will not see 5132 magic number for today.
What do you suggest, we may be trading between 4950 and 5000, if we are lucky, as FII are selling and DII are buying a little bit inorder to save the index from blood bath.

 

[shoby]

Yes its beyond Magic as its heavy red all over and SGX trading at 4990 and may be still to go down if we r to catch up with others trading at -3 % and -4%,,,difficult times and we need to be very carefull trading in this storm.

 

[shoby]

Only Magic level nifty touched till now is sell by LVL2 below 5031, would have given 50+ points for brave hearts...I am not one and did not trade... :annoyed:

 

[scplindia]

agree with you, tried my luck with stock, shorted ASKLEY at 65 and exited at 62.5

 

[shoby]

NIFTY MAGIC LEVEL 10.5.10

MAGIC POINTS ARE 5053 and ...
Resistance & Support POINTS ARE 5076,5138... AND 4986..


We have 5053 as the Magic number , so its buy above 5053 and sell below 5053 with support and resistance at 4986 and 5076,5138. If Magic number is not reached we have the Levels below to trade...

LVL 1)BUY NIFTY FUTURES ABOVE 5064.... S/L below 5044.. SELL BELOW 5042... S/L ABOVE 5062



LVL 2) Buy NIFTY FUTURES ABOVE 5149 .S/L below 5129.... Sell below 5127... S/L above 5147......



LVL 3) BUY above 4997 --S/L below 4977....
SELL below 4975.. S/L above 4995...


10th MAY Pivots

4955<-->4986<-->5053<-->5076<-->5138<---->5169

 

[san77s]

Sir,
May i know why you skip the first resistance entry at (5076+11) 5087 for initiate long ?

Regards,
S.Saravanan

 

[shoby]

Sir,
May i know why you skip the first resistance entry at (5076+11) 5087 for initiate long ?

Regards,
S.Saravanan

Dear Saravanan, yes you are right that first resistance also give us a level (buy above 5087 and sell below 5065)but I did not post that as I thought we can long at 5076 with stoploss below 5053, the Magic number.I never expected market to be this strong and was waiting for 5067 to long....but Nifty gave us a good safe buy at 5149 as going above 5145 ,which was the previous high ,itself was a buy.