NIFTY X- RAY REPORT FOR 10 DEC & NEXT WEEK

 I have written the two possibilities in my previous post and one of my technical friend wrote me that why didn't you write clear cut direction. In other words Why i have not written about the particular single direction. You will automatically find the answer below that what would have been the reason behind to write this. I have posted lots of chart below to understand clear cut picture. Nifty was waiting for clear clue of FDI. As we know that Govt had successfully passed the FDI in Retail both in Lokh sabha and Rajya Sabha, Govt now is looking to pass the Insurance and Pension bill in Parliament. Also there is a huge expectation that RBI may cut the Interest rate in coming week, which may inject the Positive sentiment in the market. But I think it may give a greed to bears before going up. Below 5880 it will slip towards 5815 to 5765. But If nifty has to go straight upside then it must be cross a LAXAMAN REKHA which is at 5950. If it cross and close above this level expect a straight rally heading to 6030--6150. But 5880 must hold. So assume this level as a reversal level for very short term.

On daily chart just see the hight of lower blue colored rectangle. it is almost 600 points so there is high probablities remain on the chart that price may touch the upper line of upper rectangle. On hourly chart as we are seeing that nifty is falling towards its lower trendline support which is around 5815. There for falling till 5815 is also on card. I highly expect that nifty will slip lower first and then it may go upside. For lower target nifty must break 5880 level. On daily and weekly chart RSI is in overbought zone so traders must be alert on up side. As we know that we are trading in fifth wave and nifty has allready retraced 61.8% of 2011 fall, so we need alertness every time with our overnight position. 

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Does any one of the following happen to you?

• You buy stock on the basis of good news or better than expected result and price of the stock still keeps falling after you take the long position?
• Why does market moves in your favor but only after hitting your stoploss?
• You are always out of the market during best of the trends!

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NIFTY X-RAY REPORT FOR 07 DEC

 Nifty fell almost 100 points from its high in morning session and recovered sharply and closed above its previous close. Short sellers tried to pull the Index down but bulls shows its energy in latter half. In my Intraday session report I suggested that wave may expand higher side. short players must be trapped today. I have been talking about 5950 since so many days. It touched 5942 today and closed at 5930 level. How ever wave 1 and wave 3 has spent 5 weeks so I expect that wave 5 should spend 3 weeks. So wave 5 can be extended towards 6200 to touch the upper trend line, which is shown in below charts. Prices Rise was very impulsive in nature but Fii figure in Fno segment is not impulsive and this activity compel me to think that tomorrow is Friday. Will tomorrow be top of Indian market or it will go directly towards 6200. Tomorrow  Friday will really be FRY DAY ?

Overall aggressive traders keep stoploss at 5815 spot price level and be long side. There are cluster of resistance on chart above this zone. For sustaining and energetic up move nifty must jump the all resistance with  gap up action.

Nifty is continue making 52 week high on chart. As per slow stochastic and RSI indicator nifty daily chart is in overbought zone. Nifty 6000 call 239,250 fresh contracts in open interest and it is standing with highest no of open interest in call side. The volume in 6000 call was impulsive today. There is no change in put call ratio today and it is at 1.07. When I consider chart and data it appears that nifty is becoming tired but impulsive rise in price confuse me and compel me to think that price in 5th wave may extend.

Smart players should not take fresh entry in current situation and always consider to exit from long term investment. Remember every day will be crucial day further ahead. Don't be aggressive in long side. 

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If only you could know when the market was going to be choppy; That one piece of information could possibly turn you into a profitable trader! When market fell today so many people would be shocked. But i gave hint on the right time to exit from short and gave indication about expansion of wave.
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TECHNICAL PREDICTION

INTRADAY UPDATE

IT SEEMS THAT 5TH WAVE MAY EXTEND FURTHER UP SIDE AND ASSUME THIS FALL AS A HEALTHY CONSOLIDATION. TREND CHANGER LEVEL WILL BE 5815. EXIT FROM SHORT WILL BE WISE DECISION FURTHER AND BUY AGAIN NIFTY IF CROSS 5900. TARGET WOULD BE 6100++

I HAVE NOT SEEN ANY EXTENTION IN WAVE 1 OR WAVE 3 OF 'B' WAVE SO THERE IS HIGH PROBABLITIES REMAIN THAT WAVE MAY EXTEND IN 5TH WAVE. THIS IS FIRST POSSIBILITIES.

SECOND POSIBILITIES IS THAT IF 5815 BREAK AND SUSTAIN BELOW THIS LEVEL THEN WE MAY EXPECT FURTHER MORE DOWN MOVE. AND IF 5765 LEVEL BREAK THEN IT WILL BE CONFIRM THAT TOP HAS TOUCHED ALREADY.

 

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NIFTY X-RAY REPORT FOR 06 DEC

Is negative trend is going to start from 06 DEC or trapping bull move will be seen in our Indian market? At current situation if we consider on chart because I am a chartist, and chart speak every thing. Lots of long position would have been made by Indian traders today in expectation of FDI. 14 of 18 parties in parliament voted against FDI. Yet government won the match. Thats the power of M factor. Personally if you will ask me then I will say FDI is good for Indian economy. FDI in Retail may Benefit Farmers & Final Consumers & affect Middlemen. But in Turn it may help control supply shock Inflation. I Support it. 

I have zero position in market now. I won't do fresh long position at current situation. Current put call ratio is at 1.07 still in positive zone and fresh long has been added today. It seems that to many position has been taken as a opportunity of FDI reaction. On the international market front all Asian indices was on fire but our market was on consolidation as i was expected and indicated you in my yesterday post. Fii sold 2723 contracts worth rs 83.84 cores and open interest increased by 9915, as nifty future was up by 16 points and fii sold position indicating that fii has booked profit on higher level. Nifty short term support has formed at 5855 level and I think this will work as a short term trend changer level. Nifty long term lower trend line is now at 5650, any break of this lower trend line will confirm that bull trend has completed it destination of 2012 and bear will take all revenge in 2013. Up side 5917 and 5927 will be trend confirmation point. Watch the trend on thursday if trade below 5885 then trade negative and if trade above 5927 then trade positive.

GOOD LUCK 

HAPPY TRADING

NIFTY X-RAY REPORT FOR 5 DEC

It seems that Nifty Chart is an Expanding Triangle, break above the upper channel may favour bulls.

Resistance is around 5890 and 5930-40.

Negative Divergence on hourly chart suggest a Possible fall for 4th sub wave up to 5815 or 5765.

A positive range bound trading session expected on chart. Nifty 6000 call highest open interest suggest that it would be not easy to cross this level. Nifty long term trend line has rise to 5650 now. any break of this trend line will indicate the fith wave completion.

Upside 5930-40 and down side 5855 will be range for market today.

HAPPY TRADING  

NIFTY X-RAY REPORT FOR 04 DEC

Nifty consolidated today as I given hint in my previous post. Technically nothing has changed. Nifty put call ratio is at 1.1. Any dip should buy on nifty until nifty break its lower trendline support. Nifty future premium increased 11.45 points than yesterday indicating that more long position has been made today. Nifty 5800 put added fresh 726400 contracts in open interest indicating that 5800 level is ready to give nifty strong support in near term. On the call side nifty 6000 call added 829100 contracts in open interest indicating that 6000 level will be not easy to cross for nifty. But everybody is on dance floor and i would like to suggest that  live on dance floor till music is on.  

5950 coming soon.

Good luck

High/Lows & Performance of NIFTY
Duration	One Week	Two Week	One Month	Three Months	Six Month	One Year
Period Old Price	5635.90	5571.40	5697.70	5253.75	4841.60	5050.15
Price Gain	235.05	299.55	173.25	617.20	1029.35	820.80
Price Gain in %	4.17	5.38	3.04	11.75	21.26	16.25
Period's High	5899.15	5899.15	5899.15	5899.15	5899.15	5899.15
High On	03/12/2012	03/12/2012	03/12/2012	03/12/2012	03/12/2012	03/12/2012
Period's Low	5658.00	5548.35	5548.35	4888.20	4770.35	4531.15
Low On	27/11/2012	20/11/2012	20/11/2012	05/10/2012	04/06/2012	20/12/2011

 

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NIFTY X-RAY REPORT FOR -03 DEC

Nifty gave a robust jump last week and closed at 52 week high. Fii bought index future worth rs.596 cores  and open interest increased buy 168%. Fii bought 1611 cores in cash market. As nifty future was up and increased in open interest indicates fresh long position has been made into the system last week. Price rise is impulsive, any dip should buy nifty further until trend is positive. Nifty hourly chart is in highly overbought so consolidation is also expected for one or two days. Nifty 5800 put added fresh 11,28,250 contracts in open interest. Nifty 5900 put added fresh 12,58,100 contracts in open interest. Nifty 6000 call open interest is highest on call side.

According to option open interest data seems that nifty is ready to go above 5900 level and indicating also that it may face strong resistance around 6000 level.

As per nifty EOD chart continuous three bullish candle stick chart pattern has formed on chart indicating bullish move ahead. But I am again saying that assume this rally as a end of trend.
5927 and 5832 is expected range for nifty tomorrow. 5832 level should fresh buy.

Good luck.