AUTOMATED TRADING

AUTOMATED TRADING

18 July 2013

NIFTY ELLIOTT WAVE LATEST PATTERN WITH OPEN INTEREST ANALYSIS FOR VERY SHORT TERM

Nifty opened near 5987 levels and prices traded within the range of 6005 and 5975 till 4 hours. Yesterday stocks like ITC, HUL, TCS, Reliance were the ones that helped index to stay up and on the other hand Banking, Metals and Auto sectors continued to be under pressure but nifty succeed to close in positive any how. Nifty As shown below on 60 mins chart, prices took support exactly on the lower trend line of the channel and bounced back, indicating STRONG support in that zone. The Gap between 6030 and 5930 created on Tuesday is filled today. As we have given information in my previous post, that break above 6010 level will give next direction. From wave perspective, It seems that nifty is rising with double zig zag correction. It seems that it has competed its first standard correction in the form of a-b-c-x. Now the wave x seems completed and today nifty started for next round of correction in a-b-c format. upside  of a wave should continue nonstop up to 6130 level.
Today 6100 put added fresh 19.67 lakh contracts in open interest and 6000 put added 21.30 lakh fresh contracts in open interest. As nifty future was up by 81 points and increasing in open interest in 6100 and 6000 are indicating nifty may kiss 6130 next resistance level and may hold 6000 level as strong support.
CLICK ON CHART FOR ITS LARGER VIEW.


Disclamer:-

Futures and Options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Futures and Options markets. Don't trade with money that you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell Futures or Options.

The contents of this site are for general information purposes, only. The strategies/plan discussed above in this thread/site is made by me based on data which is operated and maintained by third parties. However it is tested and proved every attempt has been made to assure accuracy, but it is by me only. We assume no responsibility for errors or omissions. Examples on this site and in the manual are provided for illustrative purposes and should not be construed as investment advice or strategy. The future data manual is for informational purposes only. These predictions/tips are technical , based on charts conditions ONLY. This is only a guideline, the decision has to be taken after logical thinking by you. Technical analyst and astrologist will not be liable for any personal or financial losses or profits.

The information and views in this website & all the services we provide are believed to be reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the product/s that suits them the most.

By your act of reading this independent and individual market research, you fully and explicitly agree that Rajesh Singh or My website (www.niftyeyes.blogspot.in/www.niftyeyes.in) will not be held liable or responsible for any decisions you make regarding any information discussed herein. Take a proper advice from a certified adviser before invest in future and option market.