GauravSaini

Nifty view for week starting 29 january

NSE:NIFTY   Nifty 50 Index
Nifty             is overbought by technicals however the buying momentum is very good, for the coming week 11000 is an important support the upside is capped at 11172 levels ---break of 11000 on closing basis likewly to dent the present rally
Comment: Regarding india vix(@17.5 eod)----the so called volaitility index indiaviz has zoomed to higher levels and there is a good debate i sawamong traders regarding its significance, there were the majority view that say that vix zooming is insignificant from trend perspective -this happens everytime there is a major event and vix later cools down, a minority think its dramatic rise is significant .since myself no expert on maths behind vix i cannot comment on that however looking at the charts and correlating it to nifty moves i see that if vix stays at elevated for more time especially a month end close than it will be significant .
Comment: Nifty has took resistance at the level menrioned the day high being 11171.55, volatility increase might happen due to event /budget presentation, support continues to be at 11000 , its difficult to put stoplosses for trades and thys trading will become risky till event us behind us
Comment: Nifty closed at 11049 ,the next support is at 11000,the only good support is at 10800.....as we break below 11000 volatility might increase---and trading strategy should be adjusted for that ....
Comment: Nifty is currently at 10990 testing the support around 11000 , the ease with nifty breaks or holds 11000 will dictate its short term trend -----if it manages to close below 10980 than further fall cannot be ruled out . volatility likely to increase further as event approaches (budget) its best to watch and learn than trade and get burnt in the volatility,
Comment: Nifty50 has managed to close above 11000 spot prior to budget day , the day chart does not offer any clues regarding traders expectations , the resistance on upside is 10171(the lifetime high) the nearest support is at 10800 -10770 , and than at 10400 ,
the index charts are still bullish ---the small recent correction has cooled the overbought short term indicators which is a healthy sign for bulls , (a very specific positional trading strategy based on weekly charts for nifty has been posted in the other post)
Comment: intraday budget day-----the wise will watch and learn dont try to play high volatility
Comment: intraday nifty cmp 11040 sell on decline setup intraday only sell below 10988 stopl at 11016(after trade is active) trail the profit ....plz put stoploss order as soon as you enter trade , all spot levels adjust for future price
Comment: Nifty cmp as on 1 feb eod is 11016.90 ---- sell on decline setup same spot levels as above can be used for intraday short on 2 feb 2018
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