iCharts Discussions

[rameshraja]

Mr Vinay / Mr apka

If NF bounces to 6020 to 6050, then its a good short for 250 to 300 points on downside with stop at 6091. Shorting at lower levels is not desirable and I think, market might bounce once.

[vinay28]

[apka]

thanks good sir, your calls are missed.

[vinay28]

Nifty for Thursday (06/06/13)

Supports are at about 5891 and 5866 while resistances are at about 5929, 5947, 5976, 6032 and 6087. Five likely +WWs give about 5986 (once above 5893), 5995 (once above 5907), 6001 (once above 5916), 6044 (once above 5896) and 6067(once above 5931) (+WWs with higher targets are not mentioned as of now). A likely -WW can give about 5905 (once below 5938) (-WWs with lower targets are not mentioned presently). A rising wedge have broken down and can give about 5867 unless nifty continues to go up. A complex HnS can give about 5860 unless nifty continues to go up. Two falling wedges can give 6060/6130 upon BO unless nifty goes down again. A small HnS can give about 5890 on BD unless killed above 5934.

Nifty rose a bit to close above 5900 but seems destined to fall more. However, the daily candle is a hammer. It now needs to close above 6032 and 6087 to go up further. VIX and PCR are still high and can cause sharp volatility. Only global cues and/or liquidity can save nifty from more severe fall.

[apka]

the ww figures are helpful always vinay, thanks.

you know leaving technicals aside... if you look at the nifty fut OI.. its dropped from 180 lakhs to 130 lakhs since close of the May series... and we have dropped from a height, longs have been booked it means. and shorts are not initiating yet as OI is reducing.

so i think unless some time is spent around here or wherever new lows stop forming after falling from here, longs would not be added immediately... same way, shorters have also been away from the top and here also not adding to OI.

(beuwolf since you had requested, here's another observation) when participation in trading and total OI reduces, becomes dry and low, it's my observation that technical levels of resistence and EMAs cannot be breached or atleast not be sustained for more than 1-2 days. some downside should come first is what i gather from current scenario.

[apka]

all black belts, at glance feels like i am talking to myself

[vinay28]

[apka]

[apka]

got u vinay, but that was short covering.

from 16-april-2013 to 22-april-2013 about 50 lakhs OI had reduced in nifty fut.. and for few days before it we saw DII buying and making market volatile which induced the short covering.

situation seems different now...

[vinay28]

[apka]

[vinay28]

remember that if June closes >6139, all hell will break loose as it will be a new all time high quarterly closing. The weekly/monthly flag gets killed only below about 5760.

[beowulf]

[apka]

fut new low 5889.05
spot new low 5878.xx

5800pe high from 59.70 to 60, almost unchanged again.

[vinay28]

I feel one should cover shorts by 5850NS/NF just to be safe or keep tight SL after that.