Dhanvarsha: NIFTY OUTLOOK AND TRADING LEVELS FOR 23 APRIL 13

Tuesday, April 23, 2013

NIFTY OUTLOOK AND TRADING LEVELS FOR 23 APRIL 13

Nifty is still trading below 20 WMA on weekly chart.if moved above it it will free fly below open sky but will it be able to cross it ?

Tomorrow will be holiday and next day will be expiry so start rolling over or closing your April positions .

Flat to positive opening is expected with extremely volatile session ahead …Daily chart is showing that Nifty is trading above all moving averages 20,50 and 200 , all indicators are supporting up move but trading at the top of falling trend line …breaching of it will open new range and higher targets …on failure it will turn its direction ..

Trade in Nifty futures as per these levels

Buy at / above: 5852 Targets: 5868 – 5887 – 5906 – 5926
Stoploss : 5833
Sell at / below: 5833 Targets: 5816 – 5797 – 5778 – 5759
Stoploss : 5852

Positional traders hold nifty long with sl at 5788

Yesterday nifty and bank nifty calls worked well including relcapital .

Short covering was there in Nifty not a healthy sign for up move

NIFTY FUTURES DETAILS

SYMBOL	EXDATE	OPEN	HIGH	LOW	CLOSE	CONTS.	OPENINT	C’O'INT	C’O'INT (%)
NIFTY	25-Apr-2013	5,816.3	5,843.1	5,791.0	5,832.85	252,804	14,256,250	-3,333,450	-18.95
NIFTY	30-May-2013	5,813.35	5,859.0	5,806.55	5,848.15	106,213	6,300,100	2,729,500	76.44
NIFTY	27-Jun-2013	5,820.75	5,865.0	5,815.65	5,854.4	4,256	653,550	74,200	12.81

chat room calls Nifty short ..Intraday nifty chart is showing that Nifty made ABC chart pattern which shows confution was there …will it continue for today also ???