Nifty Support & Resistance and target for tomorrow 1st Feb 2018:
Nifty will be facing resistance near 11,090 and 11,150 whereas supports are placed at 11,000 and 10,950 levels. Tomorrow’s there can be wild swings due to union budget.
How was the nifty’s intraday movement today Jan 31st 2018?
Index opened the day 30 points in the negative and moved up to test 5-Day EMA placed at 11,050 to clock the intraday high of 11,058.
Index faced resistance near the 5-Day EMA as market drifted lower to test the lows of 10,979 by 2.00 PM and finally ended the day at 11,027 by losing 21 points for the day.
. After the opening nifty started to drift lower and lower by clocking the intraday low of 11,033 by losing 80 points from the highs of the day 12.30 PM.
Only 20 of 50 nifty stocks closed in the green. Bharti Infratel is the top gainer by gaining 2.06 % and Tata Steel is the top dragger by losing 4.61%.
Opening: 11,018.80; High: 11,058.50; Low: 10,979.30 Closing Price: 11,027.70(-21.95)
Nifty 22 Feb 2018 Expiry Futures closed at 11,055.40 (-16.70)
Nifty Forecast/Outlook for 1st Feb 2018:
Index forms Doji pattern in the technical charts which means the opening and closing price are more or less equal after the yesterday’s bearish means bulls and bears are fighting for the direction.
Nifty will be having strong support at 10,935 which is the 13-Day EMA any closing tomorrow after union budget can make nifty to reach 10,800 levels in the days to come.
In the derivatives segment FII’s sold 83 crores in the index futures and Put options premium IV’s are more than Call options IV’s suggesting long positions in the call options are getting squared more than put options.
Traders can wait till tomorrow closing to enter into fresh trade. On the last budget day nifty in the intraday moved 185 points between highs and lows.
What are the indicators which are positives and negatives for nifty?
Positives: Nifty trading above the key moving averages 13-Day, 20-Day EMA and 50-Day EMA
Negative: Over bought zone and reversal pattern in the charts.
Nifty Jan 2018 Expiry trading range: Nifty expected to trade between 11,300 -10,900 levels.
Positional Nifty Call for 22 Feb 2018 Expiry Strategies:
- Position Recommended for 27-Jan-2018: Buy Nifty 22 Feb 2018 11,000 PUT and sell two lots of 10,800 Put and buy one lot of 10,600 on Monday(i.e29-Jan-2018) . Hold the position for target of 10,000 as the current premium outflow is just 22 points. Current Status :position is gaining by Rs 1200.
Past 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 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).
- 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. Booked Profit Rs.4500. as bank nifty is showing sign of strength.
Visit our website on 31-Jan-2018 9.30 PM to get the nifty view for 1-Feb-2018.
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