AUTOMATED TRADING

AUTOMATED TRADING

7 June 2012

NIFTY X-RAY REPORT FOR 08 JUNE

  Indian  markets closed with significant gains today with realty, banking, auto and FMCG being the best performers. The Sensex closed at 16649, up 195 points from its previous close, and the Nifty closed at 5050, up 53 points. Nifty future closed at 5025 up 51 points and open interest increased by 2.73%. After long time smart money bought  nifty future. As i told you in my previous post that nifty will touch 5060-5090 level very soon. Nifty touched 5060 level today. Nifty 5000 put added 772250 shares in open interest  and 5100 call added 428450 shares in open interest, indicating that Nifty will face hurdle near 5080 level and it will face support at 4990 level.As per slow stochastic and RSI nifty is short term bullish. Nifty on daily charts 4 months trend resistance is coming around 5080 level. Nifty on weekly charts 16 week trend line resistance is coming around 5080 level. So nifty will face strong trendline resistance around this level which will act as a Laxaman Rekha. Until unless it break 4940 level nifty will be in buy on every dips mode. Risky traders may short nifty with stoploss at 5085. Any close above this trend line will blast to 5140-5300 level very soon. As per option OI data, If nifty come around 5000-4990 level will be a strong buying opportunity. I highly expect that nifty will break this trendline and give a jump to 5300 level in June. But first we need confirmation for this move.And it will give confirmation closing above 5140 level.
So many traders would have short till this level, so there would be buying opportunity in nifty if it  come around 5000 level.
WARNING:- DONT KEEP SHORT POSITION EVEN A SINGAL LOT CLOSING ABOVE 5085. BLASTING RALLY AHEAD AFTER CROSSING LAXAMAN REKHA 5080
CLICK ON CHARTS FOR ITS LARGER VIEWS. 

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