Wednesday, August 29, 2012

Nifty outlook and levels for 29 Aug 12

Nifty is trading at crucial level or we can say at 20 day moving average...
Short term traders believe that above 20 DMA  bulls will dominate and below it bears be cautious at this juncture .
As per option table 5400 is under control of bears and bulls are retreating from 5300 too

Huge buildup in 5400 ce is indicating that bulls wont try to move towards 5400 before expiry ..

Huge addition in open interest with fall in price is indicating for short buildup was there so no room left for bulls on this front also . More than 24,13000 shares added after 100 % roll over in nifty ....
Almost flat opening with extremely volatile session ahead .expecting negative bias . 5300 spot is holding till now  once it will break  panic sell off can not be ruled out ...
Trade in futures as per these levels
Buy at / above: 5366   Targets: 5381 - 5399 - 5417- 5436
Stoploss : 5344
Sell at / below: 5344  Targets: 5331 - 5313- 5295 - 5277
Stoploss : 5366

as per chart ambuja having no support till 180  
advised to sell at 197 ...
closed at 186.60
more than 10 points gained till now .. lot size 2000
trading at 20000/- per lot gains within 15 days

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