September 06, 2014

Nifty View: 8th September, 2014 and ahead

Nifty Daily Chart

On the daily chart, we can see the Nifty hovering near the upper range of the rising channel it has been trading in for the past couple of months. This means that we could see selling pressure coming in the markets at current levels. The index could slip to 7960 levels this week if 8150 is not broken. On breaking and sustaining 8150, expect a sharp rally in the market for 150-200 points. On the downside we could see Nifty correcting to 7960/7920/7840 levels. For the medium term, Nifty has strong support at 7720 levels. We are in a strong bull market where all resistances are getting broken and any shorts need to be taken with hedges or proper stoploss. The interesting scenario is that if 8150 breaks and Nifty rallies to 8350-8400 levels, that could mark the last leg of the current rally and a 10% correction could set in.

Nifty Hourly

The hourly chart of the Nifty index shows strong support for the index at 8060 levels. Nifty has failed to sustain any dip to 8060 levels. At the same time the index has been creating Lower highs and Lower lows indicating a good chance of selling pressure. If Nifty does sustain below 8060, expect it correct down to 7960. Put a stoploss for the trade at 8100 (Spot). Buy on a break above 8115, SL: 8100, TGT: 8145.

August 30, 2014

Nifty View: September, 2014

Nifty is trading in a rising channel and currently it is close to the upper range of the channel near 8000 levels. Nifty faces resistance at this level and we could see selling pressure coming near this level. Short term support exists at 7870 levels. Below 7870, Nifty could head towards 7800 levels and below that 7700. 7700 is a crucial support for the current uptrend which if breached could set a period of correction in the markets. If Nifty breaks and sustains 8000, it could rally till 8300 levels. We don't expect any solid upmove in the coming month neither do we see any sharp correction. Our range for Nifty for September 2014 is 7700 to 8300.

Bank Nifty is trying to breakout from the 14700-15700 range which could see the banking index higher to 16700 levels. Support for the index is at 15300 levels. Banking Stocks will be in action during the month and are a must have on the watchlist for every trader.

August 20, 2014

21st August, 2014: Trading Ideas

Trading Calls for 21st August, 2014
(Click to Enlarge)

i) Ambuja Cement

BUY above 218.5, SL: 215, TGT: 222/225
SELL below 212, SL: 215, TGT: 209/205

ii) Canara Bank

BUY above 390.3, SL: 386.3, TGT: 395/405
SELL below 374, SL: 376.5, TGT: 369/362

iii) Century Textile

BUY above 609, SL: 605, TGT: 616/623
SELL below 600, SL: 603, TGT: 597/593

iv) Dish TV

BUY above 59.35, SL: 58, TGT: 60/62
SELL below 57, SL: 58, TGT: 56/55

v) DLF

BUY above 203.25, SL: 200, TGT: 207/211/214
SELL below 197, SL: 199, TGT: 195/193

vi) Exide Industries

BUY above 170, SL: 167, TGT: 175/184
SELL below 160, SL: 163, TGT: 156/154

Subscribe via email: