Nifty spot view after monetary policy

We may see level of 7470 below 7665, as its Head & shoulder breakout on daily chart

Short below 7665 spot with sl 7775 for traget 7470(Positional)

Nifty technical view for 24th Feb, 2016

Today Nifty opened flat to negative at 7237.75 and made high of the same, since morning have seen extreme pressure in nifty, In first 10min nifty breaks yesterday's low of 7211 slipped below 7200 in early trade & 7100 till 2nd half, At the end Nifty closed with -125pts to 7109 levels.

For tomorrow trend remains Negative till it sustains below 7151 levels, down side nifty may take support of 7090 or 7064, Swing trader can hold short position with stop of 7151 & positional trader can hold short position with stop of 7245, one should initiate long position above 7151 with stop of 7090.

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Nifty technical view for 23rd Feb, 2016

Today Nifty opened flat to positive about 10pts to 7221, and Nifty was in narrow range of almost 50pts in day, on down side Nifty couldn't sustains below previous day close, made low of 7211 levels, above side nifty manage to sustains above previous days high of 7237, made high of 7257 in futures, since 3 trading sessions we are seeing profit booking from higher level, and continuous making higher top higher bottom formation on daily chart, that indicates Bulls are ruling the market. At end nifty closed with gain of 26pts to 7238 levels.

For tomorrow trend will remains Positive till it sustains above 7150 levels, above side we may face resistance of 7300 due to expiry(7300 CE having OI of 65lacs), Swing traders can hold position with stop of 7150 & Positional traders can hold longs with stop of 7125 in futures. If above side nifty manage to cross & sustains above 7300 levels, than we may expiry around 7300-7400.

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Nifty Trading strategy for 22nd Feb, 2016

Yesterday Nifty opened almost flat to negative at 7164 levels, In first half we had seen Nifty trading lackluster with low volume below 7200, In second half have seen sharp rally with good volume & Nifty manage to cross previous day's high of 7225, made new high of 7236, from last few days Nifty making higher top higher bottom formation that confirms bullish trend, and finally Nifty manage to close above 7200 at 7205 levels in future.

For Monday, trend will remains Positive till it sustains above 7120 levels in futures, above side major resistance will be 7241(As discussed in previous post), above 7241 we may see level of 7327 levels in some days or intraday, swing traders can hold long position with stop of 7120, and positional traders can hold long position with stop of 7090.

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Nifty trading strategy for 19th Feb, 2016

Today Nifty opened gap up by 45pts to 7175 level, crossed major resistance level of 7208 and made of high of 7225 in futures, we have seen some pressure above 7200 levels, market dragged to 7126 levels to fill the Inraday gap, we have also seen market couldn't sustains below yesterday high of 7134, that's very much positive indication for buyers. and at the end nifty closed at 7183 which is above Intraday weighted average of 7178.

For tomorrow trend will remains Positive till it sustains above 7100 levels in futures, Swing traders can hold long positions with stop loss of 7120, & positional traders can hold position with stop loss of 7000 on closing basis, above side we have major resistance at 7241(i.e. 50% of current correction starts from 7606 to 6875), above 7241 we may level of 7327(refer chart) in few days.

Support - 7240, 7285
Resistance - 7120, 7075

  

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Nifty trading strategy for 18th Feb, 2016

Today Nifty opened with negative bias and breached levels of 7000 in early trades, made low of 6967, than we have seen sharp upward tick towards morning high of 7062 with help of banking shares, and positive momentum continued for rest of the day, finally Nifty manage to close at 7132 level which is yesterdays second half high. overall today nifty was very volatile.

For tomorrow trend for Nifty will be positive If manage to sustains above 7100 in futures, we may see level of 7200 by tomorrow if its cross 7160 levels, swing traders can hold nifty long position with stop loss of 7020 & positional traders can reverse position above 7208 levels. for long term Nifty will be range bound till its in range of 7000 to 7200, closing below or above will decide further direction.

Support - 7020, 6970
Resistance - 7160, 7200

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Nifty trading strategy for 17th Feb, 2016

Today Nifty opened gap up by 50pts to 7200 levels, but as discussed yesterday couldn't sustained above 7206 level in early trades & we saw pressure from higher levels, In second half nifty extends losses due to heavy selloff in all the sectors leading by PSU banks, at the end Nifty closed negative by 1.56% at 7050 below yesterdays low of 7059 levels.

For Tomorrow Nifty trend remains Negative till it sustains below 7130, Swing traders can initiates short position with stop loss of 7130, Positional traders can hold short position with stop loss of 7210 which is today's high, Down side support will be 7030 levels as discussed yesterday, once that level broken we may see level of 7000 or below in intraday. otherwise range will be 7000 to 7200 for near term. we may see trend based market once mentioned range will be broken.

Support - 7030, 7000
Resistance - 7130, 7210

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