NIFTY X-RAY REPORT FOR 03 JAN 13

CHEERS !!!

Nifty is giving gap up opening  since two days and went above 6000 level in intraday. Nifty revisited 6000 level after a long journey of 24 months. Strong bullish signal on EOD chart. It is giving closing above its 100% volatility range since two days. Today 6200 call added 17,46,050 contracts in open interest and 6300 call added 1,099,200 contracts in open interest. Fii bought index option worth rs 2547.43 cores and huge addition in 6200 and 6300 call with good volume indicating that fresh long entry has been made by Fiis. Fii bought index future worth rs 373.89 cores and 0.8% indicating fresh long position has been created into the system today. As per Nifty EOD chart RSI and Slow stochastic is improving towards upside indicating up move in further direction. 6017 and 6032 is the next resistance for Nifty and 5969 level will act as support and it will work as a trend changer on hourly chart in intraday. 6200 is on the way hopefully may kiss in next two weeks.

NIFTY X- RAY REPORT FOR 02 JAN 2013

New year gave a good start on nifty. All these happened when US Senate approved an agreement to raise taxes on the wealthy and stave off deep spending cuts, hours after the White House and Senate Republicans hatched a New Year’s Eve deal to keep the U.S. from falling off the fiscal cliff. 5965 is next resistance on chart. Market opened gap up and sustained above its gap up. If nifty does not cross 5965 then it may fall to 5912 level. 5988- 6011 -6026 is next resistance after 5965. As per nifty EOD chart triangle breakout pattern has formed on daily chart, indicating the further trend. As per option open interest data. Nifty 6200 call added 1286900 contracts in open interest. 5900 put added 800000 new contracts in open interest. 6000 put added 770050 fresh contracts in open interest. All this option open interest data indicating further trend. 

Increase your stop loss and stay with trend. swing traders stop loss for the long should be at  5912 on the closing basis. As i had told you in 28 Jan x- ray report that blasting rally is awaiting in Indian market. I was expecting it till 31st Dec but it didn't happen and now expected to complete its dues rally.

There could be only 5 condition in the market.....

Condition 1... Market move up.

Condition 2... Market moves down.

Condition 3... Market move up and start falling down.

Condition 4... Market move down and start rising up.

Condition 5... Market remain flat and moves in tight range.

In all these condition Intraday setup is stealing good trading opportunity everyday. Any how it will give you atleast one trade opportunity in a day along with, it will keep you away also from unnecessary trading.

Good luck.  

NIFTY X- RAY REPORT FOR 31 DEC

Fiscal cliff is on the way so volatility will remain live for next few week. Nifty is facing resistance on the falling  trend line as shown in chart below. A bullish harami candlestick pattern has formed on nifty EOD chart which is bullish signal for the coming days. But as per chart pattern it is confirmed that nifty is in its forth wave therefore volatility may remain continue till it complete its time and price correction. As per Elliott wave theory nifty may correct till 5750 also in this wave. Long term lower rising trend line is also coming near 5740 so touching of this level in jan series can't rule out. After that a jump to 6200 is on the card. Forth wave trading is really will be difficult for aggressive traders. Nifty is trading in a triangle pattern and 5910 is resistance of this triangle and it should be break this level for next up move.
According to option open interest data 5800 put and 6000 call has highest open interest data indicating the possible volatile range of nifty. Any change in OI data may give fresh indication of nifty.
Suggestion - trade Intraday till next two week otherwise choppy market may chop up your profit. 5923 and 5946 is current resistance and 5893 and 5870 is current support on the chart.
Good luck.