LAST FRIDAY’S (02.09.2011) CLOSE WAS AT 5040.00 (+ 39.00 POINTS). THE DAY HIGH WAS 5113.70 AND LOW WAS 4993.35. WEEKLY HIGH IS AT 5113.70 AND THE WEEKLY LOW IS AT 4720.00.
5DMA=4910
9DMA=4903
14DMA=4956
20DMA=5033
50DMA=5351
100DMA=5461
200DMA=5587
A GAP-DOWN OPENING IS EXPECTED. INTRADAY POSITIVE WILL BE ABOVE 5015 AND NEGATIVE WILL BE BELOW 4975. IMMEDIATE INTRADAY SUPPORTS ARE AT 4970, 4955 AND 4931 LEVEL. IMMEDIATE INTRADAY RESISTANCE ARE AT 5015, 5055, 5080 AND 5117 LEVEL.
5-DAY RSI AT 64 AND 14-DAY RSI AT 45.73 INDICATES NIFTY BOUNCED FROM OVERSOLD ZONE AND IS NEAR BULLISH ZONE.
BUY NIFTY FUTURE AROUND 4934(ON THE UPSIDE MOVE) FOR TARGET OF 4969/4989; STOPLOSS BELOW 4911.
BUY NIFTY FUTURE ABOVE 5011 FOR TARGET 5055/5080; STOPLOSS BELOW 5000.
SELL NIFTY FUTURE BELOW 4975(ON THE DOWNSIDE MOVE) FOR TARGET OF 4950/4934; STOPLOSS ABOVE 5000.
ALL LEVELS ARE NIFTY SPOT LEVEL. VIX AT 26.09 INDICATING MORE THAN AVERAGE VOLATILITY. ONE MAY PLACE A FILTER OF (+/-) 5-10 POINTS. POSITINOAL TRADERS CAN GO SHORT AROUND 5200 AREA WITH STOPLOSS OF 5220 FOR TARGET OF 4850/4700.
NOTE: THE ABOVE CALLS MAY NOT BE TAKEN AS RECOMMENDATIONS. THIS IS ONLY MY VIEW/TRADING IDEA. IT IS ADVISED THAT EACH AND EVERY BLOG VISITORS/TRADERS/INVESTORS DO THEIR OWN RESEARCH AND/OR CONSULT FINANCIAL ADVISERS BEFORE TAKING ANY ACTION ON THE ABOVE MENTIONED CALLS.
