Nifty Update

Nifty after moving up from sub 5700 levels has taken resistance exactly near our levels of 5890 with 3 day closing of 5885,5875,5869. Price/Vol patterns suggest distribution has taken place at these levels. 2 possibilities now exist.
Poss 1: nifty may head straight down from here without crossing the 5900 resistance.
Poss 2: nifty may  take a false break out above 5900-5910 and then head down.

A break out will occur only above 6030 levels till then mkts may oscillate and eventually head down towards our tgt of 5450-5500.
BE ON THE SHORT SIDE!!!!

(p.s. :- rbi monetary meet on 3rd may. price/vol action in options before this will lead the way)

Nifty Update

Our Nifty Short at 5920 has yielded almost 200points with the markets crashing today from its intra high of 5900 to sub 5720 levels. Our short tgt of 5450-5500 still remains intact. However, one may now shift the stop loss from 6070 to 5890 where the major resistance for the nifty now stands. One witnessed huge open interest build up in 5900 & 5800 calls implying resistance there coupled with the fact that the markets broke down after trying to cross the 5900-5920 levels more than a couple of times. Momentum has shifted to the downside.
 Enjoy the shorts!!!

Nifty Update

Good morning to all of you.
First of all apologies for the delayed gap in the market update. Have been really busy with work. Im gonna try and update as regulary as possible henceforth.
Now getting back to the markets.
Nifty has seen a spectacular upmove to 5900 levels straight from 5400 levels.
After having repeatedly maintained a target of 5900+ since the month of february, nifty finally acheived the target (but not before triggering our stop loss twice)  :)
Nifty now is in overbought zone with negative divergences with the trending upmove over. The outlook on the markets now remains negative. SELL ON RISES.
The resistance levels for nifty now come in at 5920, 5950 and 6020.
Markets may move sideways with a lot of whipsaws before breaking down to 5500 levels. So i advise one to short and sit tight with it until the tgt is achieved or the sl is triggered.

Current View : SELL ON RISES.
Final Call???
Sell Nifty at 5920 with tgt of 5450 and sl of  6070
Risk = 150pts Reward = 450pts