Nifty Update

Nifty has rallied a straight 200+ points from our buy level of 5330.
It has now entered the resistance zone of 5580-5620. markets look overbought in the shorter time frame and may witness some pullback from these levels. People wanting to part book their profits can do so near those levels or keep a trailing sl of 5535 and re-enter at lower levels near 5420-5440.
The medium term trend however remains intact and so does our tgt of 5900
Book near resistance and enter lower or sit tight with your longs. Suit your style.

Levels to watch out for tomm would be 5587, 5605 on the upside and 5540 and 5510 on the downside.

Nifty Update

BUY NIFTY!!!
Nifty has reached our critical support area of  5300.
One can buy here with the sl of 5170 as mentioned in the previous post. There is extreme pessimism around the corner which really makes me doubt if there is furthur fall left in the markets. 80% of the Open interest build up has been in the price range of 5340-5410, suggesting good accumulation at those levels. Failure to break below 5170 would see a good rally in the markets going forward. The most obvious fall is not so obvious at times leaving alot of people caught unexpected.

Final Call???
Buy NIFTY at 5330 with sl at 5170 for tgt of 5900+
Risk : 160 points
Reward : 600 points 

Nifty Update

Markets look a buy on every dip towards 5300 levels.
Till the markets dont break the recent low of 5177 there is every possibility that one might witness a rally towards a break of the 5900 resistance levels with the markets finding support around the 5300 levels. My trend sheet is showing positive trend for the nifty in the medium term. Any furthur dip in the coming days towards 5300-5350 levels can be utilised for buying with sl at 5180. target remains 5900+

Risk : 200 points
Reward : 600 points

"Markets reward those who act early. The ones who are trapped are the ones who are late"
  - Ankit Solanki  :) 

Nifty Update

Nifty @ 5400.
markets have reached our support area of 5300 - 5400. the false breakout above 5565 provided with a good shorting opportunity as mentioned for a breakdown below our level of 5470. Any further fall towards our support area can be utilised for buying. nifty has gone oversold in the longer time frame and one can expect a good bounce back going forward.
Stay on the buy side. The trend is about to shift.

Nifty Update

Markets have been moving in a very narrow range for the past few days without any decisiveness. Levels to be watched :
5470 ( recent low), 5565 (closing level after the rbi rate hike).
Any movement beyond these two levels will bring about some momentum. However, as the primary trend remains down break of 5565 on the upside will provide a good shorting opportunity. Market support remains in the range of 5300-5400 and any fall to those levels may see some buying coming in.
Trade as per levels, till then sit tight.

Nifty Update

Nifty Hits 5500!!!
The markets have been completely smashed out of place after the RBI rate hike and the swift nature of the fall is an indication that markets may move lower than our targets of 5450-5500. One can book out shorts at 5520 Our tgt is acheived and we've recorded a massive 400points on our short. Any bounce may be swift and volatile. Shorting will be advisable only if markets take a reasonable bounce with a small and strict sl. However, 5200-5300 remains a good support area for the market. Any further fall to those levels can give a good buying opportunity. Keep your eyes open!!

5920 Short Closed - Reward : 400points

Nifty Update

RBI adopts a hawkish stance:  announces a 50bps hike in Repo & Reverse Repo Rate

• Repo rate hiked 50bps to 7.25%
• Reverse Repo hiked 50bps to 6.25%
• CRR remains unchanged at 6%
• MSF rate fixed 100 bps higher at 8.25%
• Savings bank deposit interest rate increased from 3.5% to 4%

The 50bps hike in rates is a dampener for the markets.

As mentioned in the previous post, Nifty traced our 1st possibility and has broken down without crossing our levels.
Nifty has made a low of around 5620 after the RBI announcement.  Expect 5580 levels to give some support to the markets for the time being considering the oversold zone nifty is in and open interest addition in 5600 and 5500PE. This might be the 7th consecutive negative closing for nifty. So a dead cat bounce can be expected. Exit all weak longs in any such rally.
Our short term tgt of 5450-5500 remains intact. sl updated to 5810 from 5890
Our short at 5920 has yielded close to 300points....enjoy!!