AUTOMATED TRADING

AUTOMATED TRADING

28 May 2012

NIFTY UPDATE FOR 29 MAY 2012

 The markets gave a  robust jump today with banking, power, consumer durables and capital goods leading the rally. Auto, realty and metal, too, made significant gains and oil & gas was the only sector that closed with only moderate gains. The Sensex closed at 16417, up 199 points from its previous close, and the Nifty closed  at 4986, up 65 points. The CNX Midcap index was up 1.7% while the The market breadth was positive with advances at 956 against declines of 477 on the NSE. Nifty 4900 put open interest added 1354350 shares in open interest and 4900 call decreased 1104250 shares from open interest. Nifty 5000 put added 995050 shares in open interest and nifty 5000 call decreased 196800 shares from open interest, indicates  huge short covering today and nifty is ready to enter in 5000 range after given closing above its strong resistance like Laxaman Rekha at 4960. nifty future closed at 4975 1.15% Up open interest decreased -5.75% indicating about shortcovering. Now nifty immediate resistance at 5040 and after that 5140 level. any two consecutive close above 5140 we may see a blasting rally upto previous high at 5630. I have posted three charts below daily weekly and monthly to understand deeply. Nifty on daily charts first time closed after 17 days giving strong bullish indication. Nifty on weekly charts it fell below long term trend line but soon it recovered itself from trendline. As per weekly charts nifty will face strong resistance at 5140. As per weekly charts RSI and Slow stochastic is improving towards upside. As per monthly charts nifty slipped below trend line but it recovered soon and trying to move upside. After putting all three charts analysis conclusion is that 5140 will act as next laxaman Rekha. Any close above 5140 we will see blasting rally. If nifty close above 5140 on weekly and monthly basis will be very very strong signal. I have given below here 5 year monthly charts, If you will consider the charts  you will find that Nifty has not formed four consecutive red candle pattern. According to this chart pattern indicates that June will be bullish month. So my dear friend live bindash as I told you earlier that truckload with nifty if it close above 4960 level. Have you loaded today or missed it. I expect expiry between 5070-5140 level.
GOOD LUCK


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