Friday, August 26, 2011

August 2011 - Expiry Chart

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Thursday, August 25, 2011

Nifty Aug 2011 - Monthly Chart

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Is nifty heading to a close near 4800 levels for August expiry ?!

Yesterday markets saw a break down of 4900 levels and also closed below that. Throughout the series bears were able to pull back nifty from any small bounce and it is expected that bears will take control for the expiry also and push nifty for a close around 4804 levels today.

The important ceiling to watch out for today is 4927 level and it is not expected that the markets will go above that level in the initial half of trade, the hard ceiling being 4941.

Resistance levels : 4906, 4927, 4941

Support levels : 4872, 4845, 4796

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Wednesday, August 24, 2011

Tuesday, August 23, 2011

Friday, August 19, 2011

Thursday, August 18, 2011

Nifty 18 Aug 2011

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A break of 5000 support today ?!

Nifty has been hovering in a tight range for more than a week with strong resistance around 5200 levels and has been taking support everytime it nears 5000 levels.

It looks like bears can take control today and push nifty below the key level of 5000, and can even take nifty to test 4906 levels for the day. Yesterday was a change in sentiment where towards the end of the day, the implied volatility of puts were less than the calls and Nifty went into heavy premium towards the end.

The highest OI in any contract till now is only around 75 lakhs and it has not touched the crore mark for any strike. Yesterday again there was a huge increase in 4800 puts OI.

Resistance levels : 5079, 5112, 5144

Support levels : 5036, 4946, 4906

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Thursday, August 11, 2011

Wednesday, August 10, 2011

Tuesday, August 9, 2011

Nifty 09 Aug 2011

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Bears gaining strength day by day...Pushing markets towards next support of 4781 levels ?!

Markets gave a strong bounce from the key level of 5050 yesterday but the bounce did not sustain for long and after testing 5200 levels, the close for the day came at 5119, near to the previous day's low

5050 is an important level where Nifty was hovering in the past during Oct 2009,

Now the scenario looks like on a break of 5050, markets will be pulled down to test the levels of 4781 which might act as a good support for months and market is likely to consolidate between the levels of 4781 and 5200 for some time.

Resistance levels : 5144, 5175, 5204

Support levels : 5050, 4904, 4781

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Friday, August 5, 2011

A powerful bearish day and markets likely to correct further

Markets closed below the crucial level of 5364 yesterday at 5332 after nearly testing the last support level indicating weakness and it is likely that markets will test further lower levels before any consolidation.

At the time of writing, SGX Nifty is trading around 5200 levels.

The OI and IV skew still favours bulls to a small extent and it is likely that markets will consolidate instead of cracking lower.

Increase in OI was seen in 5300 calls and unwinding in 5400 puts indicating markets might correct further yesteday.

Resistance levels : 5349, 5364, 5385

Support levels : 5294, 5269, 5194

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Thursday, August 4, 2011

August series begins on a weak note...

After the close of July series around 5488 levels, august series saw a high of 5552 levels before
slipping below 5500 levels. It closed at 5405 levels yesterday after testing sub-5400 levels.

PCR is at 0.93 and overall only on a close below 5364 levels will the markets become bearish for the short term.

Resistance levels : 5414, 5423, 5462

Support levels : 5364, 5349, 5314

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July Expiry Update

The july series ended at 5488 levels which started as a gap down from the previous low level of 5522 and on the expiry day it got resisted around the level of 5512 itself.

It was a narrow expiry day in which straddle writers saw profits towards the end of the session.

There was no indication of the expected move towards 5604 levels and for expiry it was also able to break the 5500 barrier and close just below that.

-Happy Trading