NIFTY OUTLOOK (31st August, 2012)

NIFTY SPOT LOOKS BULLISH: BULLISH PIERCING IN DAILY

The NSE Nifty spot closed at 5319 up by 0.60%, after sudden buying pressure or can say short covering. After all nifty spot closed above the daily 34 day exponential moving average, which is a positive factor for long position holder. Nifty spot actually faced 61.8% retracement level as resistance @ 5286, as indicated in previous report. In previous report, we have recommended buy in deep strategy for intraday traders, whereas for low risk taker are advised to be long after the break out of 5286 level. These were good trades. Now, Nifty will move towards till 5400 level with strong buying pressure with the supports of 5311/5286 in the next trading session. If traders are stay invested in nifty future, they are advised to make hold position. A good positive technical pattern was seen in nifty spot i.e. bullish piercing. By this pattern, nifty can touch till the level of 5400 and perform better. In the lower indicators, MACD (12.26.9) is still showing bearish signal, whereas stochastic (5.3.3)is trying to break out from the bottom level @ 21.23, which is more or less positive factors for bullish trend.

Happy Trading !!

Megha Investments & Research Team

NIFTY OUTLOOK (30th August, 2012)

WILL NIFTY SURVIVE FROM THE SELLING: TAKEN SUPPORT OF DMA

 

The NSE Nifty spot closed at 5286 down by 0.90% with the heavy selling pressure in previous trading session. A positive thing is, Nifty spot stopped and taken support of daily exponential moving average of 34 @ 5286. This can be seen in given figure. On the other hand, MACD (12.26.9) is already showing bearish signal whereas Stochastic (5.3.3) is in oversold position @ 7.16. If Nifty spot breaks and closes below the DMA (34), more selling will be seen till 5210 level. In this trading session, buy in deeps strategy will work due to oversold position in stochastic (5.3.3) indicator. Low risk takers are advised to be stay away from market till the normal break out of 5210 - 5286.

Happy Trading !!

Megha Investments & Research Team

NIFTY OUTLOOK (29th August, 2012)

NIFTY STOPPED SELLING TILL 61.8% RETRACEMENT LEVEL @5311

The NSE Nifty Spot closed at 5329 down by 0.40% with high selling pressure in opening, then covered some stocks from made bottom of 5313. This is first time 4 continuous red candles in one month which were happened due to profit booking or say correction too. Technical trend is positive but if we see the lower indicators, MACD (12.26.9) is showing fresh cutting down from the level of 45.59 where as Stochastic (5.3.3) is already bearish and stood at 19.12 which is below over sold zone. In the next trading session, nifty may recover from this level and face some bounce back with the support of 61.8% retracement level which is at 5311. If Nifty spot will open below 5311, traders may face more probable selling pressure till 5287. Upside resistance is as it was @ 5397 which is still acting as a major hurdle. On the other hand, Daily exponential moving averages (34.100.200) are still in positive trend. We hope, Nifty may see positive trend in medium term future.

Happy Trading !!

Megha Investments & Research Team