November 22, 2013

NIFTY looks good if it can hold 5970 next week

While trend is down we are seeing signs of buying coming in at lower levels. The regions of 5950-6000 and specially 20000 on sensex will give good support. Incidentally this region also corresponds with recent swing low so it is somewhat like a double bottom support.
The VIX dropped 5% today even as markets came down to 5970 spot.. this indicates lack of fear in markets.

In addition, we have put writing support at 6000 in both NOV and DEC series. Resistance is at 6300.


WEEKLY charts are still bearish with a further fall to 5800-5700 not ruled out. For this, markets must close below recent swing lows.

Note expanding triangle on weekly charts... this projects 5400 on nifty.


INTRADAY charts show possibility of bullishness above 6070 F (roughly 6050 spot).


30 min charts show swing high at 6070F... if one is short on 30 min charts, 6070F would be your stoploss.


Breakouts today

Source: based on study of publicly available information (websites, media, tv etc) and charts

22-NOV-2013

Buy signals: CADILAHC - STAR - TATASTEEL

Sell signals: CESC - DISHTV - GRASIM - HEROMOTOCO - HINDZINC - ITC - NHPC - NMDC - TATACOFEE - TATAPOWER -

21-NOV-2013

Buy signals:

Sell signals: AMBUJACEM - ASIANPAINT - BHARATFORG - CANBK - CENTURYTEX - EXIDEIND - GRASIM - HDFC - HINDZINC - SUNPHARMA - TITAN UBL - ULTRACEMCO - ZEEL

20-NOV-2013

Buy signals:

Sell signals: BAJAJ-AUTO - POWERGRID - TITAN - UPL -


11 comments:

  1. seems like nifty is bullish and if in this correction nifty comes near 5700 , it shall be a good dip to go long

    ReplyDelete
    Replies
    1. No... you will have to wait for formation of a swing high and then buy when this is crossed.

      Delete
  2. if on monday nifty holds 5970 & ends with a green candel can we consider it as a start of up trend as it nagate the recenty formed lower top lower bottom pattern

    ReplyDelete
    Replies
    1. If you are following daily charts, then your buy signal will come on close above 6220 spot with Friday/ Monday low as SL.

      Delete
  3. KPL sir,how looks sesasterlite.pls guide

    ReplyDelete
    Replies
    1. Trend is down... good support 170... there is no buy signal

      Delete
  4. KPL JI
    SPOT TO BREAK THIS SUPPORT LEVEL 5970 SOONER THAN LATER TO TEST 5850 ONLY NEAR RANGE RES. IS AT 6070 HAS TO BE TAKEN OUT TO CHANGE THIS VIEW ..HOLDING NEAR 6000 IS JUST TO BRING IN HOPES FOR LONG TRADE. THIS SERIES COULD END NEAR 6000 LEVELS BUT SPOT MAY TEST LOWER LEVELS BEFORE THAT.
    MY OBSERVATION CAN WRONG ALSO..

    ReplyDelete
    Replies
    1. This will make things difficult for a trader... break of a support followed by a close above it.

      Let's see

      Delete
  5. Hi kpl,
    I have a doubt.if suppose nifty breaks 5970 on Monday.i need to buy November or December puts ? and also how to relate with VIX so that it will be helpful for buy/sell.

    ReplyDelete
    Replies
    1. You will need to decide your trading timeframe... strategy will flow from that.

      Commentary given for 30 min will be applicable in this case.

      Delete
    2. hi

      As of VIX dropped much more and there is double bottom pattern is made in 4 hour chart a minor correction upto 6050-6100 is expected.

      thx and rgrds

      Delete

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