Nifty Countdown Begins and Futures Trading Tips

1
Nifty Countdown Begins and Futures Trading Tips
Indian Futures Trading Market bordered up on
Thursday to near the record highs hit earlier
this week as blue-chips such as HDFC Bank
gained on hopes the Bharatiya Janata Party and
its allies would win a clear majority,
when election results are make public on
Tomorrow. The Bombay Stock Exchange Sensex
closes at 23906 were up by 91 points or gained
by 0.38 percent where BSE Midcap index fell 0.83
percent while BSE Smallcap slipped 0.86 percent
in today intraday trade. Sensex Major Resistance
on Upside at 24002-24097-24192 Sensex Major
Support on Downside at 23781-23655-23560 Trend
Deciding Level at 23876 Nifty Index Major
Resistance on Upside at 7169-7214-7259 Nifty
Index Major Support on Downside at 7060-6996-6951
Trend Deciding Level at 7105 Major
Headlines Tata Power block deal 10.5 lakh
shares exchanged on NSE at Rs 86.10/share Asian
Paints falls up to 5.7, Most Since Sep 3,
2013 Tata Motors April Group Global Wholesales
at 75,026 Vs 95,668 Units (MoM) Cairn Energy Plc
says in talks with Indian I-T Dept on 10 stake
sale in Cairn India April WPI Inflation at 5.20
percent Vs 5.70 percent (MoM) Wockhardt recalls
over 1.09 lakh bottles of hypertension drug in
US JK Bank declares dividend of Rs
50/share Mahindra Life space completes sale of
Byculla property for Rs 325 cr Apollo Tyres board
OKs setting up plant in Eastern Europe for 500
m euro dollar Adani Power Q4 Cons Net Profit
at Rs 2,528.5 cr Vs Loss of Rs 585.5 cr
(Y0Y) Nifty Indices Nifty managed to close
in the green in todays session. However, it
was marginally positive. This was the second
day of consolidation after a gap up
opening. Today it has formed a
2
spinning top candlestick pattern following
shooting star and Doji candlesticks. This has led
to a formation of a triangular pattern which is
most likely to break on the upside as the
triangle patterns are generally continuation
patterns. The lower end of the triangle ie
its wave A is 7067 which is also the upper
window level, hence that becomes a very crucial
support in the immediate term. On the higher
side, 7172 is an important level as above it the
breakout will be confirmed. So, the conclusion
is that till the Nifty holds on to the 7020
levels ie the lower window level, the short-term
trend remains up. The daily and weekly momentum
indicators are well in the buy manner, in
actuality the daily RST has on its head from
the zero reference line which is quite a
positive sign for the bulls obtainable ahead.
The Bollinger Bands look quite
long-drawn-out on the daily charts.
However, till the prices moves higher,
holding the bands the overall trend remains
up. The volumes since a couple of days have been
good which that are a confirmation of a
breakout. In the daily chart the index is
trading above the Twenty-Daily moving
averages (DMA) and the Forty-DMA, ie 6812
and 6721 correspondingly. The momentum
pointer is trading in negative mode on daily
chart. In the hourly chart, the Nse Nifty is
trading above the Twenty-hourly moving average
(HMA) and the Forty-HMA, ie 7111 and 7002
correspondingly, which are vital intra-day
levels. The hourly impetus indicator
encompass turned negative. The market
duration was turned negative with 534 advances
and964 declines on the National Stock
Exchange. Nifty Future Major Resistance on
Upside at 7182-7218-7254 Nifty Future Major
Support on Downside is at 7111-7076-7040 Trend
Deciding Level at 7147 Bank Nifty Major
Resistance on Upside at 14359-14444-14529 Bank
Nifty Major Support on Downside at
14220-14166-14081 Trend Deciding Level is at
14035 5 Daily Moving Average 7042 50 Daily
Moving Average _at_ 6658 200 Daily Moving Average
6170
5 Days Relative Strength Index 89 and 14 Days
Relative Strength Index
76 INDICATES
NIFTY PLACED IN BULLISH ZONE, WITH BULLISH
MOMENT. Futures Trading Tips Buy Nifty Fut
May Intraday above 7185 sl 7160 Tgt 7205-7230
Or Sell Below 7110 sl 7135 Tgt 7090-7065 Buy
Bank Nifty May Intraday above 14315 sl 14265 Tgt
14365-14415 Or Sell Below 14215 sl 14265 Tgt
14165-14115 Curious Fact Ants never sleep.