Nifty Support & Resistance and target for tomorrow 11th Jan 2018:
Nifty will be facing resistance near 10,650 and 10,700 whereas supports are placed at 10,590 and 10,550 levels. Tomorrow’s upside target for nifty can be 10,660 levels and on the downside 10,580 levels are possible.
Nifty trading calls for 11 Jan 2018:
Wait for confirmation.
Past trading Calls:
- Recommended for 09-Nov-2017, Sell Nifty Nov Futures around 10,340-10,360 levels for a downside target of 10,200 with a stop around 10,430 levels. Hold on the positions with a revised stop around 10,260. Target achieved on 15-Nov-17 with a profit of 160 points (ie. Rs. 12000).
- Recommended for 16-Nov-2017, Buy Nifty Nov Futures if nifty futures trades above 10,190 levels for an upside target of 10,340 with a stop around 10,100 levels.Target achieved on 17-Nov-2017 in 2 days by gaining 150 points(i.e profit of Rs. 11,250)
- Recommended for 08-Dec-2017, Buy Nifty Dec Futures near 10,200 levels for an upside target of 10,340 with a stop around 10,080 levels.Target Achieved profit of 140 points (ie. Rs 10,500)
- Recommended for 19-Dec-2017 Sell Nifty Dec Futures near 10,440 levels for a downside target of 10,330 with a stop around 10,530 levels.Hold for 2-3 days more as Stop loss triggered loss of 90 points .
- Recommended for 02-Jan-2018, Sell Nifty Jan Futures near 10,540 levels for a downside target of 10,440 with a stop around 10,610 levels. Hold on the positions for 2 -3 days.Stop loss triggered. Loss of 70 points (i.e Rs. 5250)
How was the nifty’s intraday movement today Jan 10th 2018?
Index opened the day with a positive bias by a gap up open of 15 points and moved further 3 points to record the intraday of 10,655.50.
After clocking intraday high nifty started to slowly drift to test the 5-Day EMA placed at 10,590 by reaching the lows of 10,592 by 11.58 AM then nifty recovered 45 points to close the day at 10,632 by losing 4 points for the day.
Only 18 of 50 nifty stocks closed in the green. TCS is the top gainer by gaining 3.60 % and Eicher Motors is the top dragger by losing 1.75%.
Opening: 10,652.05; High: 10,655.50; Low: 10,592.70 Closing Price: 10,632.20(-4.80)
Nifty 25 Jan 2018 Expiry Futures closed at 10,637.05 (-9.85)
Nifty Forecast/Outlook for 11th Jan 2018:
Index forms a hanging man pattern after Tuesday’s doji pattern indicates nifty is losing upside momentum.
Notable action of the day, Nifty was able to take support near the 5-Day EMA placed at 10,590 which will continue to act as support for the market.
As we said earlier nifty is poised to hit new highs of 10,700 but the move will not so strong as the technical indicators are showing signs of overbought levels.
In derivatives nifty futures premium is just 5 points and Put call ratio is 1.35 indicates nifty in over bought zone. FII’s have bought 241 crores in index futures and bought 90 crores in index options. These data points indicates tiredness in the market and market is getting ready for consolidation for the next 2-3 days.
Traders can hold on to the long positions with stop around 10,540 levels.
Currently Bank nifty is looking weak compared to nifty. Indusind bank results tomorrow which can set the tone for bank results and followed by TCS which can set the tone for nifty in the days to come.
What are the indicators which are positives and negatives for nifty?
Positives: Nifty trading all above the key moving averages 5-Day, 13-Day, 20-Day EMA and 50-Day EMA
Negative: Over bought zone.
Nifty Jan 2018 Expiry trading range: Nifty expected to trade between 10,400 -10,700 levels.
Positional Nifty Call for 25 Jan 2018 Expiry Strategies:
Follow up of open calls:
- Position Recommended on 28-Dec-2017: Initiate a pair trade by Buying Nifty 25 Jan 2018 Futures and also Sell Bank nifty Jan futures by 9.20 AM on 28-Dec-2017 and Hold the position for target of RS.15, 000 with stop around Rs.10,000. Nifty buying price @10,542 and bank nifty selling price @ 25,560. Currently position is gaining by Rs.4502. Hold it for 5 more days.
Past 3 performance on Nifty positional trades.
- Position Recommended on 25-OCT-2017: Initiate a pair trade by selling Nifty 30 Nov 2017 Futures around 10,325-10,350 and also buy Bank nifty Nov futures around 25,150 -25,200 levels. Hold the position for target of RS.20, 000 with stop around Rs. 10,000.Target achieved in 20 Days with a profit of Rs. 20,000.
- Position Recommended on 27-Nov-2017: Initiate a pair trade by Buying Nifty 28 Dec 2017 Futures around 10,450-10,460 and also Sell Bank nifty Dec futures around 25,900 -25,920 levels. Hold the position for target of RS.15, 000 with stop around Rs.10,000.As RBI credit policy meeting outcome is awaiting this week so there can be wild swing and mostly there can be positive surprise which can take market in the upside so profit have been booked at Rs.5000.
- Position Recommended on 13-Dec-2017: Initiate a pair trade by Buying Nifty 28 Dec 2017 Futures and also Sell Bank nifty Dec futures by 9.20 AM on 13-Dec-2017,On 13 Dec 2017 Nifty was bought at 10,250 and bank nifty was sold at 25,160 levels. Hold the position for target of RS.15, 000 with stop around Rs.10, 000.Holding period 10-15 Days.Target Achieved on 18-Dec-17 in 6 days Rs. 15,000 profit.
- Position Recommended for 19-Dec-2017: Sell Nifty 25 Jan 2018 Futures 10,500 for a target of 10,300 with a stop around 10,620.Hold for 10-15 Days. Stop loss Triggered, Loss of 120 points.(i.e 9,000).
Visit our website on 11-Jan-2018 9.30 PM to get the nifty view for 12-Jan-2018.
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