Technical View and Tips on NSE - Nifty

Nifty witnessed the huge correction today and made the closing below 4950. As we had already mentioned in our previous report that one could go for sell on rise in nifty future until it made closing above 5110. Now the nifty could witness more strong correction from the current levels. We recommend short position in nifty future for the targets of 4700. In the upside 5100 to 5110 is the resistance zone for nifty future in short term.

source: Daily Nifty Trend

Nifty witnessed the yet another positive session & contniue the upside recovery. Today it managed to break the resistance zone of 5100 to 5110 & also made the closing above it. Now this upside momentum could be continue and one could expect the higher levels of 5200 to 5205 in near term. We recommend long position in nifty future from the current levels for the target of 5200 with Stop Loss around 5060.

for June 08 2010

Nifty made the closing today above 5000 with the negative biased. Today it made the gap down opening & after it just witnessed the range bound movemnt. We are technically still expecting that market may witness more correction from the current levels. In the downside 4660 to 4700 is looking the key support base for nifty future. We recommend that traders could initiate shorts position in nifty future below 4980 for the targets of 4900 to 4905 for intra day trading.

For June 09 2010

Nifty witnessed overall the downside consolidation phase for the first half & in the second half of trading it witnessed some sharp correction. Technically the next support for the nifty future seems to be around the level of 4850. Closing below this support may drag it the nifty future till the lower levels of 4700 to 4710 in near term. We had already recommended that one could go for sell on rise in nifty future. For tomorrow intra day trading traders could initiate the shorts position below the level of 4930 for the targets of 4865 to 4870.

Nifty is still not sustaining at higher levels & after every rally it witnessing the profit booking. In the downside still we are expecting more correction from the current levels. We recommend that one could go for sell on rise in nifty future until it made closing above 5200. In the downside 4900 to 4930 is looking the good support base. Closing below this support zone may slide the nifty future till the lower levels of 4700 to 4710 in short term.

for Next Week (June 13 to 19, 2010)

Nifty still not crossing the key short term resistance zone of 5200 to 5220, closing above this resistance zone may consider as the indication of trend reversal & we could expect more bounce fom there. As per the current trend of nifty future we could expect that it could hold the trading range of 5000 to 5200 for few trading sessions. We recommend that traders should watch out the level of 5200, if it does not crosses this level one could short for the target of 5000 to 5005 in near term.

Nifty continue the upward rally today & in the end managed to close above 5200 mark. Technically now it is looking that 5250 would be next hurdle for it. Closing above this resistance may take up it till the higher levels of 5315 to 5325 in near term.in the nifty future. We recommend that traders could hold long position for the targets of 5320 to 5325. Those who like to initiate the long position could do above 5250.

Nifty has yet another positive session and in the managed to close with the modest gain. Overall it was the upside consolidation day for the market. In the upside as we had already mentioned in our reports that 5250 is the crucial resistance. Closing above 5250 could take up the nifty future till the higher levels of 5320 to 5325 in near term. We recommend that traders could initiate longs in nifty future above 5250. If it does not surpass this level then one could go for short in nifty future for the target of 5150 in short term.

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