Nifty Support & Resistance and target for tomorrow 7th Dec 2017:
Nifty will be facing resistance near 10,095 and 10,130 whereas support are placed at 10,030 and 9,980 levels. Tomorrow’s upside target for nifty can be 10,095 levels and on the downside 10,000 levels are possible.
Nifty trading calls for 6th Dec 2017:
- Wait for trend confirmation, as risk reward is not in favor to go short.
Past four trading Calls:
- 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)
- Recommended for 26-Nov-2017, Buy Nifty Nov Futures if nifty futures trades above 10,410 levels for an upside target of 10,510 with a stop around 10,350 levels.Stop Loss Triggered loss of Rs.4500.
- Recommended for 05-Dec-2017, Buy Nifty Dec Futures near 10,160 levels for an upside target of 10,280 with a stop around 10,075 levels.This is risky trade.Stop loss Triggered. Loss of Rs 6,375
How was the nifty’s intraday movement today Dec 6th 2017?
On 6th Dec 2017 nifty opened with a negative bias by losing 30 points and then recovered 16 points from the opening to register the intraday high of 10,104 by 9.45 AM.
After reaching the highs nifty started to drift lower and lower to break 10,050 levels and also the 20-Day weekly EMA placed at 10,040 and reach the intraday lows of 10,033.35.
Finally ended the day at 10,044 by losing 74 points for the day.
Market reacting negatively to the RBI credit policy as banks were trading in the red.
Only 9 of 50 nifty stocks closed in the green. Tech Mahindra is the top gainer by gaining 1.47% and Bosch is the top dragger by losing 3.74%.
Opening: 10,088.80; High: 10,104.20; Low: 10,033.35 Closing Price: 10,044.10(-74.15)
Nifty 28 Dec 2017 Expiry Futures closed at 10,068.65 (-78.05)
Nifty Forecast/Outlook for 7th Dec 2017:
On 6th Dec 2017 nifty forms a bearish pattern as the opening price is near the highs of the day and closing price is near the lows of the day. this means market is still in the bears hand as market didn’t have the follow through buying after yesterday indecisiveness Doji pattern.
Notable action of the day, Nifty today closed exactly at the weekly 20-Day EMA , as per our observation were nifty took support and rebounded every time this year. So we are expecting market to rebound from here.
Long position can be initiate if market closes above 10,095 levels. Any closing below 10,030 will attract sellers and can push the market to 9,980 levels in the days to come.
In derivatives segment FII’s have sold 446 crores in index futures and bought 58 crores in index options.
RSI indicator is at 33 levels, historically market have rebounded in a long term trend, so one can expect a relief rally anytime soon.
Risky traders can create long positions with a stop around 10,040 in the spot levels for a target of 10,300.
What are the indicators which are positives and negatives for nifty?
Positive: 10,000 will act as strong support.
Negatives: Weak Global Cues, nifty below 5-Day, 13-Day, 20-Day EMA and 50-Day EMA.
Nifty Dec 2017 Expiry trading range: Nifty expected to trade between 10,000 -10,500 levels.
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 28 Dec 2017 Expiry Strategies:
New Positional Calls for Nifty:
- Wait for trend confirmation .
Past 5 performance on Nifty positional trades.
- 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.
- 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.
Visit our website on 5-Dec- 2017 9.30 PM to get the nifty view for 6- Dec- 2017.
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