AUTOMATED TRADING

AUTOMATED TRADING

8 April 2012

NIFTY X-RAY REPORT FOR 09 APRIL
As we discussed in our previous post that Nifty will face hurdle around 5375. It kissed and slip to 5305 and closed at 5322 level. There are no changing in technical indicators. There are a strong falling trend line resistance in Nifty daily chart, Any close above 5475 we may see a strong 200 points jump on nifty charts. Slow stochastic  has reached  in overbought zone very soon only in 4 trading session and ADX is not moving up so there may be a short term downtrend. Any close below 5280 This time will give power to bears. 5400 and 5300 put open interest has decreased and 5300 and 5400 call added open interest showing profit booking by put writers. Nifty future decreased it open interest by 5.42%. We have clearly seen profit booking in long sides.
INTRADAY SUPPORT AND RESISTANCE


Resistance1    Resistance2    Resistance3     Resistance4      Resistance 5
5347.26            5365.56           5383.89             5402.25              5420.64    
Support1        Support2           Support3          Support4            Support 5
5292.56           5274.39            5256.25            5238.14              5220.06
Recommendation:
Buy at / above: 5329 Targets: 5344.59 - 5362.87 - 5381.19 - 5399.54
Stoploss : 5310.76
Sell at / below: 5310.76 Targets: 5295.2 - 5277.02 - 5258.87 - 5240.75
Stoploss : 5329

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