Today's nifty levels - aravinth raj m

[aravinthrajm]

SPOT NIFTY LEVELS FOR 27.05.2009

4155 above 4218-4224-4319-4322
(Strong Resistances - 4224, 4322)

4118 below 4053-3991-3890-3873
(Strong Support - 3873)

No Trading Zone between 4155-4118

Nifty had a decent correction till 4100 levels as expected and we are set for a sure shot bounce back. Our view is still intact that this expiry will be over between 4100-4400 levels. To assist our views US markets have rallied on the back of Six months high consumer confidence data. All the Asian markets have opened on higher note. Keeping 4000 as stoploss once could consider going long for 4500+ levels initially. Bulls could have upper hand during June expiry as well. Once Spot Nifty closes above 4425 within this Friday then we are surely committed towards 5000+ in next couple of months. This level could change in the start of next month which would be informed then. We view this as consolidation phase and the trend would be decided either close above 4425 or close below 4100.

 

[aravinthrajm]

Performance

 

[aravinthrajm]

SPOT NIFTY LEVELS FOR 28.05.2009

4322 above 4337-4398-4422
(Strong Resistance - 4422)

4223 below 4165-4140-4118
(Strong Support - 4140, 4118)

Nifty recovered on a full note yesterday with an up gap opening of 100 points and traded above the gap throughout the day. Today is the last day of expiry for this series and the day would be very choppy as there would be many shorts which could be covered and few roll over to happen. However, Nifty to cross and hold above 4400 mark would be a great task today. As said, 4100-4400 would be the band till expiry. Seeing yesterdays move in the market, there will be no excitement today even if Spot Nifty touches 4425 mark. Selling is expected come at 4425 levels and there could be a cool off. US markets saw selling on the back of uncertainty on GM bankruptcy and poor Housing Sales Data. This is not likely to affect our markets.

 

[lazytrader]

What software are you using for the charts? Is it Amibroker?

 

[aravinthrajm]

what software are you using for the charts? Is it amibroker?

yes & i use my trading terminal also.

 

[lazytrader]

yes & i use my trading terminal also.

Do you get data from your trading terminal to amibroker?

 

[aravinthrajm]

Nope. I use ambroker separately.

 

[aravinthrajm]

Today's Performance

 

[aravinthrajm]

SPOT NIFTY LEVELS FOR 29.05.2009

4322 above 4377-4416-4422-4477-4516.
(Strong Resistances - 4422, 4516)

4315 below 4276-4223-4215-4176-4140.
(Strong Supports - 4223, 4176, 4140)

Expiry day went on a silent note as Nifty closed after a minor choppiness in between. Our view of expiry between 4100-4400 was respected and Spot Nifty closed at 4337. Spot Nifty is likely to open on a positive note and there are more chances of testing 4425. On the downside Nifty could test 4220 and bounce back from that level during intraday is possible. Market undertone is Bullish and there may be less chance for Bears to squeeze out Bulls this month. However, monthly close is to be watched tomorrow as that would decide the trend for the coming month as per our method of calculations. US will release its GDP data today which would prove the so called Recovery is happening or not. Let us wait and watch.

 

[aravinthrajm]

Performance