DECEMBER SERIES : PREPARATORY WORK AND A FREE CIRCULATORY COPY ONLY
NIFTY FUTURES : What to expect tomorrow : 06.12.2013 Nifty future’s projected High and Low 6294 – 6224
On the Upside : Immediate and major resistance for nifty future is now seen at 6294 – 6307 zone & this is a crucial level.Nifty futures has to trade above 6307 & to keep the bullish momentum intact . Nifty futures has to cross this major hurdle on the upside in order to keep the upward momentum intact & on conquering this level of only Nifty future can go on to test the important resistance & supply zone of 6313 – 6324 where selling pressure will intensify.
On the downside: immediate support seen for nifty futures is @ 6263 level and only trading below 6252 -6244 which is its strong demand zone which it retraced yesterday should act as an important support to keep the bullish momentum intact. If trades only below 6244 zone nifty futures will crack and drag the index down to test its key support level of 6224 zone . Trading below 6244 is not a good sign as the overall chart structure will change.This zone is also a demand zone incase it breaches 6196
Look for supply and demand zone on chart below
Candle pattern daily chart : The daily candle pattern is a inverted candle pattern .
For the conservative nifty trader see the levels below & trade: Stop is a must
For long on nifty futures buy only above : 6307 level for a target of 6324 – 6336 – 6351 – 6378 – 6398 with a stop at level 6278
For short on nifty futures sell only below : 6252 level for targets 6235 – 6223 – 6207 - 6180 – 6163 with stop @ 6281 level
Nifty future’s should at least trade 3 min and above to initiate trade’s
|NIFTY FUTURES PIVOTS LEVEL FOR THE DAY 6.12.2013|
Relative strength of nifty hourly time frame is 56 and on Day chart 57 , volatility: 0.0115 movement :72 & Put call ratio seen at .94 & _ ve to sideways movement seen.
Trade for the Day from the 6.12.2013 onwards only for professional swing traders and not for investment purpose
|Script name||last close||Stop loss||L- 1||Centre L-2||L- 3 COVER||L- 4 COVER||RSI||Reversal value|
|Buy here||Buy here||cover||cover|
For previous trades click on the above link Nifty Archives and check for trade levels :
Trade for the day : 06.11.2013 : Sell TCS Futures trading @ 2004 cmp and sell this stock future with a stop at 2037 and look for lower targets of 1987 – 1970 & 1940
Sell TECH-M Futures trading @ 1697 cmp and sell this stock future with a stop at 1725 and trade short for downside targets of 1681 – 1665 & 1644
Nifty futures road map ahead from 02.12.2013 onwards & also a brief overall view on the market :
All the trade levels are written on the chart below : Click on the chart to enlarge image
Live calls will be posted during trading hours :
PARAMETERS USED TO SELECT TRADES : Relative strength index: macd : highs and lows: bearish and bullish divergence: last daily candle : reconfirmed with commodity channel index and composite index: break out levels: pivot’s with aide of supports and resistance: nifty levels also precisely cross checked: moving averages cross over’s the golden and dead crosses : stochastic index : Volumes : Divergence
The recommendations made herein or otherwise do not constitute an offer to sell or a solicitation to buy any of the securities mentioned. No representations can be made that the recommendations contained herein or otherwise will be profitable or that they will not result in losses. Readers using the information contained herein or otherwise are solely responsible for their actions. Information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The recommendations are based on the theory of Technical Analysis and do not reflect the fundamental validity of the Scrip.
This blog is purely a technical trading site and free for all.