Nifty for the week May 2 2016 to May 6 2016

Our resistance of 7955, as stated in our weekly post, did act as a strong stopper. The benchmark index went up to 7992 levels twice and then slipped back failing to hold above the mark on closing basis with volumes. If 7995 is conquered this week then one may expect it to soar all the way up to 8143. However, for such a scenario to be in place, Nifty must consistently trade above 7920. Otherwise there are chances of upside being capped in the immediate term. The immediate support of Nifty is at 7817 which if broken will see it go to 7690.

The day traders may go long if Nifty trades above 7845 to book profits at 7890. However, below 7840, they may go short to cover at 7810.

The short-term traders may go long only if the resistance of 7920 is conquered to get out at 7955. They may however open fresh longs if Nifty manages to cross 7965 conclusively on closing basis with good volumes on more than one occasion. However if Nifty slips below 7800, they may short nifty for a possible target of 7700 and 7630.

The mid-term investors may consider the current market as a sell on rally kind of market and buy on dips, in the key stocks. They may stay nimble footed and behave more like the short-term players, booking profit here and there. The lower bounds of the stocks are Eicher Motors at 19000, Grasim at 3720, HDFC Bank at 1050 and Hero Motors at 2800.

Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.

Nifty for the week April 25 2016 to April 29 2016

The Nifty was not able to conquer the resistance of 7955 yet it did manage to close above the immediate support of 7843. The key resistance continues to be at 7955 which if conquered will see the benchmark index soar higher to the next resistance of 8143 which is the strongest resistance. However if the Nifty breaches the support of 7843 then the next supports are at 7700, 7649, 7580 and 7222. It may also be kept in mind that the F&O series for April will expire on April 28 2016 which may tend to make the markets choppy and volatile.

The day traders may go long if the Nifty trades above 7907 in the opening hour to book profit at 7938. However, if it trades below 7892, they may short it to cover at 7871. A gap up or gap down may be watched to see whether the gaps settle above 7907 below 7892.

The short-term traders may close all their positions in the April series in the opening moves and may consider going long in May series by way Futures it Options with stop loss at 7700. 

The mid-term investors may consider selling HDFC Bank at 1115.85.

Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.

Nifty for the week April 18 2016 to April 22 2016

The benchmark index of Indian stock market, the Nifty did break the crucial resistance of 7755 as it came roaring in the previous session, taking most traders in surprise. Now the immediate support for day traders is at 7843 and the previous resistance, 7755 may be construed as crucial support now for the week. If 7755 support holds then one may expect Nifty to aim at 7955 and then 8240. On the other hand if 7755 is breached then the next supports are at 7649, 7580 and 7222. It may also be kept in mind that the markets will remain closed on Tuesday April 19.

If the Nifty trades above 7843 in the opening hour the the day traders may go long with stop loss at 7825 to book profit at 7880. Otherwise, i.e. if below 7825, then they may consider shorting Nifty to cover at 7795.

The short-term traders may ride their longs and add more positions in case of weakness with stop loss at 7635.

The mid-term investors may continue selling in small lots of 10% of their holdings on every advance. They may offer Asian paints at 893.25, Grasim at 4195.55, HDFC Bank at 1102.95, LIC housing at 493.25 and Goldman Sachs Nifty ETF at  809.11.

Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.

Nifty for April 12 2016

The Nifty displayed quite a strength in the previous session but it fell short of conquering our specified resistance of 7685. The new resistance is at 7677 which if conquered will see the benchmark index move towards the next resistance of 7760. However, it may be kept in mind that one may not keep the positions open and probably try to book profits in case of a rise on the April 12 2016 session as the markets will remain closed on long weekend starting April 14 to Sunday the April 17. 

The day traders may trade long with stop loss at 7620 to unwind at 7701. However below 7615 they may short to cover at 7585.

The short-term traders may also trade likewise.

The mid term investors may try selling the key stocks- Grasim at 4048, HDFC Bank at 1093.85 and LIC housing at 491.10.

Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader 

Nifty for the week April 11 2016 to April 13 2016

The upcoming week is a truncated week on account of holidays on April 14 2016 and April 15 2016.

As if following our blog, the Nifty did behave very much in expected lines in our previous weekly post. The benchmark index failed in conquering the resistance of 7755 and the support of 7547 too held on concluding basis.

The immediate resistance is at 7685 and then at 7755. The immediate support is at 7547 which if broken on closing basis will see Nifty gravitate towards 7189. The traders and investors may stay nimble footed and sell on rise as well as buy to falls.

The day traders may go long if the Nifty trades above 7575 to unwind at 7605. Other wise they may short Nifty if it trades below 7547 to cover at 7511.

The short term traders may if the Nifty breaks the support of 7547 in closing basis, go short for a possible target of 7401.

The mid-term investors may consider buying adding Grasim to their portfolio in case of weakness for a possible target of 4100.

Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader 

Nifty for the week April 4 2016 to April 8 2016

As we had pointed it out in our previous weekly post, the resistance of 7755 did indeed prove to be strong enough to be conquered, inspite of the concerted effect of end of financial year and March series. 

7755 still continues to be a strong resistance which, if conquered will see the benchmark index test the next resistances of 7956 and 8073. The immediate support is at 7656, 7547 and 7189.

The day traders may go long if the Nifty trades above 7706 to book profit at 7735 and 7776. However, if it slips below 7687, then they may short the Nifty to cover at 7663.

The short term traders may continue to add long positions in case of weakness with stop loss at 7545.

The mid term investors may consider buying LIC housing at 476.85 with stop loss at 470.

Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader