9 July 2013

NIFTY TREND AND FUTURE TIPS FOR 10-07-13

Buy BIOCON future above 289 tg 293,296 sl 286
NIFTY OUTLOOK FOR TOMORROW
 Nifty was up 47 points to 5,859, its highest closing level since 5 July 2013. The index hit a high of 5,864 and a low of 5,834.60 in intraday trade.Strange as it may seem, for the first time the option implied volatilities (IVs) are clearly showing directionlessness of our market. The spread between the IVs of calls and puts have not come so close in the recent past. This shows that the market now has become trendless and is highly volatile. This would mean a field day for the option writers. This means that volatility is here to stay and we should adopt a buy-weakness-sell-strength trading strategy....
We need to watch out for the levels between 5830 through 5820 to begin with on the upside if the Nifty manages to stay above this range we would see it moving up further. In that case, the next range to monitor would be between 5850 and 5880—this is formidable resistance zone once crossed firmly would see the Nifty scaling up to the zone between 5865 and 5871 and beyond that 5900. However, as we have been belaboring almost daily, so long as we don’t see the Nifty getting past 5940-mark decisively we are not ready to accept the onset of a sustainable intermediate uptrend.

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 RESISTANCE:5840, 5890,5920

SUPPORT:     5820, 5790,5720

4 comments:


  1. Thanks again! Great elaboration of the topic keep giving such articles :-)

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  2. Thanks for featuring my type of tips here, I love seeing what all the different range of traders feel is important when trading ! :)

    ReplyDelete