Nifty MAGIC Levels For Today

[shoby]

What to do if it opens below 5026???? and above 5017

Trigger happy can buy there with a 10 point stop loss but the rule is if the openings are with gaps we need to wait for markets to settle and then decide on the trade.

 

[scplindia]

markets are likely to open around 5000 tomorrow, and then chances are that Europe may also open in the red, then afternoon we are likely to trade below 5000. How do we plan this trade now, as panic is likely. Global mood is very weak.

 

[shoby]

markets are likely to open around 5000 tomorrow, and then chances are that Europe may also open in the red, then afternoon we are likely to trade below 5000. How do we plan this trade now, as panic is likely. Global mood is very weak.

Best trade is "no trade" if market is too volatile...but we can be ready with few levels and see how market reacts there...1)we have support by Magic levels at 5026 2) Fibo 161.8% is also around 5032 only...3) if nifty finds support around 5026 well and good but going below 5026 with volumes the next target is fibo 261.8% which is at 9565 levels.So with these levels in hand we can wait and watch for a safe trade to enter.

 

[scplindia]

are you suggesting 4965 as the next level of support, please post the levels tomorrow based on the gap down.

Thanks

Prem Kumar

 

[shoby]

NIFTY MAGIC LEVEL 8.6.10

MAGIC POINTS ARE 5044 and 4997
Resistance and supports are 5076. and 4965..


LVL 1)BUY NIFTY FUTURES ABOVE 5055.... S/L below 5035.. SELL BELOW 5033... S/L ABOVE 5053.


LVL 2) Buy NIFTY FUTURES ABOVE 5008 .S/L below . 4988... Sell below 4986... S/L above 5006......



8th JUNE Pivots

4903<-->4934<-->4965<-- 4997--5044-->5076<--->5107

 

[shoby]

Hi!!! I think now better stops for short at Magic is above 5060 as a fibo extension is at 5059.

 

[scplindia]

HI Shoby,

confused by your statement, please clarify, should we short or go long now. Also why magic is at 5060, as per your post it is at 5044.

 

[shoby]

HI Shoby,

confused by your statement, please clarify, should we short or go long now. Also why magic is at 5060, as per your post it is at 5044.

Sir Magic is at 5044 only...it was trading below 5044 for much time so we are to short there with stoploss by Level 1 at 5053.Yesterday last high-low fibo gives 161.8% at 5042 and 261.8% is at 5059 thats why suggested stoploss above 5060.Now that nifty has made a new low ,now stoploss is at todays high.

 

[scplindia]

Shoby,

The general trend before 12.30 is to eat SLs, we need to be careful now.

 

[gautamsinghsaini]

Re: great research shoby.

hi my self gautam singh saini .SHOBY your nifty magic lavel is true .GOOD WORK .Keep it up.