Nifty Support & Resistance and target for tomorrow 22nd Nov 2017:
Nifty will be facing resistance near 10,360 and 10,400 whereas support are placed at 10,280 and 10,260 levels. Tomorrow’s upside target for nifty can be 10,340 levels and on the downside 10,280 levels are possible.
Nifty trading calls for 22nd Nov 2017:
- Wait for confirmation since there is no clear trend visible
Previous trading Calls:
- Recommended on Oct 5th 2017, Nifty is looking strong compared to bank nifty so pair trade in Nifty and Bank Nifty will be safe trade, so buy Nifty futures 9,920 and sell Bank nifty futures at 24,140 for a target of 6000 and stop loss of Rs.4000. Target achieved on 11-Oct-17. Profit of Rs 6000.
- Recommended on 23th October 2017: Nifty is looking strong compared to bank nifty. So it’s better to initiate a pair trade around 9.20 AM in index by buying nifty futures and selling bank nifty futures. For target of Rs. 6,000 and stop loss to Rs 4,000. Buy was executed around 10,210 in nifty and sell of bank nifty was around 24,130 levels. Stop hit loss of Rs.4000.
- Recommended for 27th Oct 2017: Buy Nifty Nov 2017 futures around 10,360-10,380 levels for a target of 10,520 with stop around 10,250 levels. Profit booked at 10,490 levels on 03-Nov-17 in 6 trading days. Total profit of 110 -130 points (i.e. Profit of Rs. 8,250 – 9,750).
- 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)
How was the nifty’s intraday movement today Nov 21st 2017?
Today nifty opened with a gap up of 30 points and moved up to reach the intraday high of 10,358 by 2.00 PM.
After hitting the highs nifty lost 43 points to reach the intraday lows of 10,315 by 2.30 PM and finally ended the day at 10,328 by gaining 28 points for the day.
Only 22 of 50 nifty stocks closed in the red. Coal India is the top dragger by losing 1.63% and Drreddy Labs is the top gainer by gaining 5.26%.
Opening: 10,329.25; High: 10,358.70; Low: 10,315.05 Closing Price: 10,326.90(+28.15)
Nifty 30 Nov 2017 Expiry Futures closed at 10,351.90 (+31.85)
Nifty Forecast/Outlook for 22nd Nov 2017:
Today nifty is forms an inverted hammer pattern as the opening price is near the lows of the day and closing price is also near the lows of the day after seeing the intraday up move. This can be treated as reversal pattern if there is follow through on the next day.
Notable action of the day, Nifty was resistance near 10,360 levels and closed near the lows of the day which indicates bullish sentiment is getting challenged.
Nifty needed to cross 10,380 on closing basis to resume new uptrend and any closing below 10,260 levels will open up down side target. Wait for these levels to initiate trades.
In the derivative segment we can see open interest decreasing which shows rally are used to exit the long positons. Today FII’s have bought 878 crores in index futures.
We are waiting in the sidelines to initiate trades until clear trend in visible.
What are the indicators which are positives and negatives for nifty?
Positives: nifty trading above 5-Day, 13-Day, 20-Day EMA and 50-Day EMA
Negatives: Indecisiveness trend in the charts.
Nifty trading range for Nov 2017 Expiry: 10,100- 10,600 levels.
Nifty Short term trend View: As nifty is staying below 10,320 on weekly closing basis is negative for nifty. We are expecting nifty to retest 10,150 levels if 10,240 levels are broken.
Nifty Strategies Performance:
|No of trades||Only 3|
|Total Points Gained||325 Points Gained|
|Total Profit||Rs 24,375|
Kindly post your feedback’s and suggestions so that we can come up with fresh ideas to serve you.
Positional Nifty Call for 30 Nov 2017 Expiry Strategies:
New Positional Calls for Nifty:Wait for confirmation since there is no clear trend visible
Follow up of opening calls.
Position Recommended on 16-Nov-2017: Buy Nifty Nov Futures around 10,270 with stop around 10,150 for a target of 10,480. Holding period 10-15 Days.Call not initiated
Previous Calls on Nifty
- Position Recommended on 21-Sep-2017: Sell Nifty 26-OCT-2017 futures around 10,100 with a target of 9,800 and a stop around 10,250.Target achieved in 5 days with a profit of 300 Points (i.e. Rs 22,500.00)
- Position created on 28-Sep-2017: Sell Nifty 26-OCT-2017 futures around 9,800 with a target of 9,550 and a closing stop around 9,950. Holding period: 15- 20 Days. Stop loss triggered ( i.e Rs. Loss of Rs.12500)
- Position Recommended on 23-OCT-2017: Sell Nifty 30 Nov 2017 Futures around 10,190-10,200 for a target of 10,000 with revised stop around 10,350. Stop loss triggered. (i.e Loss of Rs 11,250).
- 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.
Visit our website on 21st Nov 2017 9.30 PM to get the nifty view for 22nd Nov 2017.
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