Dated :- 31.12.2013 (SUNDAY)

                                                             NIFTY  Spot :   6304

Hi,

Readers,

FIRST OF ALL

WISHING ALL OF YOU AND TO YOUR FAMILY

A VERY HAPPY AND PROSPEROUS NEW YEAR…..

Nifty is stuck in a range. And today, it again closed above 6300.

Now this closing above 6300 again in this week after a consolidation is important.

What this closing above 6300 means :-

It means that now the game is open.

NOW, Nifty till it is above 6200 -6220 level it can try to trade with +ve bias. Higher levels to watch from here on up side are 6370 and 6420.

And on the down side view is same as was mentioned in my previous blog.

That is :-

For Nifty 6200 - 6220 is very important level, below which the Nifty shall trade with –ve bias. Breakdown of Nifty shall be below 6150.

Trade accordingly.

Dated :- 29.12.2013 (SUNDAY)

                                                         NIFTY  Spot :   6313.8

Hi,

Readers,

Nifty remained in very small range of 65 points only in last week. Made a low of 6259 and high of 6325.

Now What  :-

View for Nifty is same as was mentioned in my previous blog dated Dec. 22, 2013.

That is :-

There are some times in the market when one has to wait for some time and play cautiously. This is that time.

Because this rebound has to go and sustain comprehensively above 6420 for this rebound to be effective. Multiple technical indicators are showing that crossing 6420 and sustaining above it is not easy for Nifty.

And if Nifty does not cross and sustain comprehensively above 6420 then it will be inclined to come down. For coming week 6200 - 6220 is very important level, below which the Nifty shall trade with –ve bias. Breakdown of Nifty shall be below 6150.

Do not be an aggressive buyer in Nifty wait for it to come down below 6200 when it will trade with –ve bias and below 6150 breakdown level of Nifty. Where there will be shorting opportunities. Trade accordingly.

Till than watch and step aside and wait for next course of action as & when it happens, it will be updated on the blog.

Dated :- 22.12.2013 (SUNDAY)

                                                        NIFTY  Spot :   6274.25

Hi, 

Readers,

Nifty did exactly the same as was mentioned in my last blog dated Dec. 15, 2013. As was mentioned, Nifty rebounded.

It was clearly mentioned in my blog that Nifty is poised for rebound and that bound will decide the fate of Nifty going forward.

Rebound was predicted in the blog in spite of a strong bearish reversal pattern (ISLAND REVERSAL PATTERN). And Nifty did actually rebounded and closed at the highest point of the week.

Now What  :-

Nifty rebounded up to 6284 and in general mind set of traders would be bullish.

But I would like to give a caution here.

There are some times in the market when one has to wait for some time and play cautiously. This is that time.

Because this rebound has to go and sustain comprehensively above 6420 for this rebound to be effective. Multiple technical indicators are showing that crossing 6420 and sustaining above it is not easy for Nifty.

And if Nifty does not cross and sustain comprehensively above 6420 then it will be inclined to come down. For next week 6200 is very important level, below which the Nifty shall trade with –ve bias. Breakdown of Nifty shall be below 6150.

Recommendation :-

Do not be an aggressive buyer in Nifty wait for it to come down below 6200 when it will trade with –ve bias and below 6150 breakdown level of Nifty. Where there will be shorting opportunities. Trade accordingly.

Till than watch and step aside and wait for next course of action as & when it happens, it will be updated on the blog.

Dated :- 15.12.2013 (SUNDAY)

                                                                      NIFTY  Spot :   6168.4

Hi,

Readers,

As it was clearly mentioned in my last blog that if Nifty closes below 6240, Readers should close all the long position and step aside.

Nifty closed at 6237 on Thursday and immediately on next day gave gap down open and maintained that gap and closed at 6168.4. It is always better to close the position on time. And the readers of this blog had the opportunity to exit at right time.

Now What  :-

Nifty is poised very interestingly at this point.

It has made an ISLAND REVERSAL PATTERN on daily chart. Which is a very strong reversal pattern and has the potential to force Nifty to go down. Which may happen or not time will tell.

This pattern will hold good till the time Nifty is closing below 6230. This pattern will fail once Nifty will give close above 6240.

But on an immediate basis Nifty seems to be taking support of 6070 to 6100 levels. Expect a small rebound in Nifty in coming days. This rebound will decide the fate of Nifty.

Important levels to watch for Nifty are :-

Level of 6240 on up side for rebound, which is very important level for multiple reasons.

Level of 6070-6100 around levels which seems to hold and force Nifty to rebound. Very short term charts of Nifty are showing that it is deeply oversold and can rebound any time.

Trade accordingly.

Dated :- 11.12.2013 (WEDNESDAY)

                                                       NIFTY  Spot :   6307.9

Hi,

Readers,

I am back from my religious trip.

Now What about Nifty movement :-

Nifty made new all time high on Monday Dec. 08, 2013 and today it is standing at 6307.9.

Nifty charts are showing that Nifty is in uptrend and trying to consolidate.

Till the time structure of Nifty is intact one should look to buy on dips.

If Nifty gives close below 6240 than exit the long position and step aside. And wait for next course of action.

Dated :- 03.12.2013 (TUESDAY)

                                             NIFTY  Spot :   6201.85

Hi,

Readers,

As was predicted by me in my blog dated Dec. 01, 2013 about DOW that it has made bearish pattern. DOW as has done the same and came down yesterday and started correcting.

Now taking cue from DOW other Foreign Market may also correct.

Nifty today has stalled at 6200 level to close at 6201.85 and gave a sign of fatigue.

It is recommended to close all long positions here and book profits.

Wait for the next course of action as the coming days are news heavy.

Till 6250 is not taken out on closing basis on upside Nifty will give correction.

Note Readers :-

I will be out town on a Religious Trip. And will update next blog on December 11, 2013.

Dated :- 01.12.2013 (SUNDAY)

                                                                          NIFTY  Spot :   6176.1

Hi,

Readers,

Last week Nifty gave good rebound which was the result +ve divergence in RSI. Which as was clearly explained in my last blog Dated Nov. 24, 2013 wherein chart was also attached showing +ve divergence.

Whenever the breakout of this +ve divergence pattern in RSI happens Nifty always rebound from there.

NOW WHAT :-

Till the time Nifty is closing above 6085 it will trade with +ve bias.

Thus keep trailing stop loss of your long position at 6085 closing basis. So that even if Nifty comes below 6085 one will be in profit.

For non professional traders and those traders who want to take less risk IT IS BEST  TO BOOK PROFITS AND STEP ASIDE and wait for next move to come. Till then play intraday only.

Nifty is still in a range. Broadly the range for Nifty for this week is 6025 - 6350

However corrections will keep on coming.

This is also not the time to be extra bullish in Nifty.

Only ride the trend and movement.

For Nifty 6230 – 6250 is important resistant area.

Keep booking the profits regularly in your long positions.

December month will be very volatile and news heavy.

Book profits on every rise in Nifty and wait for dips.

Till 6350 is not taken out comprehensively Nifty will remain in Range and will be very volatile.

Important point I would like to bring to notice to readers of this blog is that keep an eye on the chart of DOW which can prove to be spoil sport.

DOW has made one candle stick pattern called “GRAVE STONE DOJI” some technical analyst also call it “SHOOTING STAR”.

Interestingly DOW has made this pattern in BOTH DAILY AND WEEKLY CHARTS WHICH IS AN IMPORTANT CO-RELATION.

This candlestick pattern is bearish candle stick pattern. Breakdown of this pattern will inject correction in DOW which may force Nifty to correct. Historically correction in world markets also lead to correction in Indian Market also.