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

Nifty Update

Nifty ended the week down 87pts on the last day of the week back again to near 5450 levels with fears of the 2G probe widening. As mentioned in the previous post these levels can be used for buying into the markets again with an appropriate sl. With the budget and expiry near the corner one can expect some wild and volatile gyrations in the market.
The short term view however remains up with prices in most of the stocks hammered absolutely out of proportion (the way stocks are beaten in a bear market).
Option writing and open interest suggest support at 5400 and resistance at 5600 for this expiry.

Current level 5460
Final Call???
Buy nifty with sl at 5380 for tgt1 of 5740

Risk = 80 points  Reward = 280 points

Nifty Update

Nifty after triggering our previous stop loss at 5400 and breaking below it to make a low near 5200 levels has moved back to 5550 levels. The markets have moved up by around 350 points from its lows and one can look into buying at slightly lower levels near 5460-5480. Our previous target of 5900+ still looks intact and any fall in the nifty may be used for buying. Keep in mind guys this is just for the short term.
our long term short is yet intact.

Nifty Update

An Absolute Belter of a Call :

Nifty followed our levels and moved exactly (and almost scarily) as pointed out.
Nifty made intra lows near 5420 today and taking support there reversed to close above 5500. A panic bottom may have been made for the short term (see previous update) This is the first sign of a reversal. Now, Holding 5500 in the coming few days and taking out 5550 would confirm the reversal. Our buy is still intact.

Enjoy!!!

Nifty Update

Nifty following our lead and moving as per our levels to the 'T' closed at near 5500 levels,  has now reached our STPT levels after breaching the 5700 mark. (see previous update)
Nifty is quite oversold right now and its the right time to look into buying. Any further fall towards 5420-5450 levels in the coming few days might see Nifty making a panic bottom for the short term which can be used for buying into.
Final Call??
Buy Nifty with closing sl at 5400 with tgt of 5950
Risk = 120 points    Reward = 420 points