Nifty Support & Resistance and target for tomorrow 29th Jan 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 upside target for nifty can be 11,090 levels and on the downside 11,000 levels are possible.
How was the nifty’s intraday movement today Jan 25th 2018?
Index opened the day 9 points in the positive which is the high point of the day. After the opening nifty started to drift lower and lower to test the 11,000 by clocking the intraday low of 11,009 by 1.50 PM.
After hitting the lows nifty recovered 71 points to end the day at 11,069.65 by losing 16 points.
Only 20 of 50 nifty stocks closed in the green. IndiaBulls Housing is the top gainer by gaining 2.35 % and UPL is the top dragger by losing 6.71%.
Opening: 11,095.60; High: 11,095.60; Low: 11,009.20 Closing Price: 11,069.65(-16.35)
Nifty 22 Feb 2018 Expiry Futures closed at 11,062.30 (-42.80)
Nifty Forecast/Outlook for 29th Jan 2018:
Index forms hanging man pattern which signals lose in momentum near the life highs.
Notable action of the day, Nifty after opening at the high point of the day was able to take support near 5-Day EMA which will be acting as strong support for the session to come.
Currently nifty is in the overbought zone as RSI have reached 80 levels and nifty futures is trading in the discount and with the big event Indian union budget coming on Thursday we are expecting profit booking to come after the event as it have run up more.
Most of the technical indicators are showing over bought zone, as nifty is in long term positive term any dips can be used to enter into long positions, but it’s better to wait till the event is over.
What are the indicators which are positives and negatives for nifty?
Positives: Nifty trading above the key moving averages 5-Day, 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 11,500 -10,700 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 and hold the position for target of 10,000 as the current premium outflow is just 22 points.
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 29-Jan-2018 9.30 PM to get the nifty view for 30-Jan-2018.
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