OI in Nifty futures rose to about 28 million today despite price action in a narrow range for most of the day [typical as we approach expiry]
I had a very fruitful weekend in Hyderabad with WaveRider [spent the entire weekend with him :D] and also managed to catch up with Captain Ramesh and his wife, Naresh and Karjunanji. Food from Ghungroo and Utsav were super duper with generous portions of rice still the same as I had last experienced [and a very pleasant surprise to me considering the ration quota portions in Mumbai and Bangalore] The home vacation has been extremely gratifying so far and look forward to accumulate more happy memories over the next 3 to 5 weeks!
Back to Nifty, I am just sharing the same view that I had voiced over the weekend to our friends in Hyderabad;
On upside, Nifty should be able to break out of the 5032-5092 band by next Monda [Friday 1st June will mark 34 consecutive trading sessions of Nifty closing below the crucial 5032-5092 band; if it does not take out 5032-5092 band on closing basis by 4th June 2012, the odds of staying below this band might be a reality for most of June series as well]
On downside, we Nifty should be able to take support in the 4800-4840 band [4750 last hope for bulls]
On a time scale, we are slowly inching towards Summer Solstice zone i.e. 20th June 2012 [adjusted to a day earlier as 2012 is a Leap Year] from where a major up move should commence regardless of where we are prior to that; if we take out 5225 prior to 20th June 2012, IMHO, the minimum upside target will be 5630 and ideally 5740+ [both these upside targets are for Diwali 2012] If we continue to drift in the 4800-5032 band for most part of June [or for all one knows lower], even then 20th June onwards, we should be able to see a rally on the upside from the lows, just as was the case after hitting 4531 on 20th Dec '11 [21st Dec '11 was Winter Solstice]
One can extrapolate the levels accordingly for BankNifty
To summarize, for the next few sessions, there is no change to the trading outlook i.e. one can comfortably build positional longs and shorts via futures as range-bound moves are anticipated till the end of this week with some whipsaws over the next 2 sessions :D
With regards to the technical glitches on the EW section, I do not prefer to disturb Raghuji during trading hours for administrative stuff - I will talk to him in the evening and figure out a way to avoid inconvenience to our dear readers. With regards to sharing of email address, I am not authorized to do that. Only Raghuji can decide whether and with whom he wants to share his personal contact details incl email address
I had a very fruitful weekend in Hyderabad with WaveRider [spent the entire weekend with him :D] and also managed to catch up with Captain Ramesh and his wife, Naresh and Karjunanji. Food from Ghungroo and Utsav were super duper with generous portions of rice still the same as I had last experienced [and a very pleasant surprise to me considering the ration quota portions in Mumbai and Bangalore] The home vacation has been extremely gratifying so far and look forward to accumulate more happy memories over the next 3 to 5 weeks!
Back to Nifty, I am just sharing the same view that I had voiced over the weekend to our friends in Hyderabad;
On upside, Nifty should be able to break out of the 5032-5092 band by next Monda [Friday 1st June will mark 34 consecutive trading sessions of Nifty closing below the crucial 5032-5092 band; if it does not take out 5032-5092 band on closing basis by 4th June 2012, the odds of staying below this band might be a reality for most of June series as well]
On downside, we Nifty should be able to take support in the 4800-4840 band [4750 last hope for bulls]
On a time scale, we are slowly inching towards Summer Solstice zone i.e. 20th June 2012 [adjusted to a day earlier as 2012 is a Leap Year] from where a major up move should commence regardless of where we are prior to that; if we take out 5225 prior to 20th June 2012, IMHO, the minimum upside target will be 5630 and ideally 5740+ [both these upside targets are for Diwali 2012] If we continue to drift in the 4800-5032 band for most part of June [or for all one knows lower], even then 20th June onwards, we should be able to see a rally on the upside from the lows, just as was the case after hitting 4531 on 20th Dec '11 [21st Dec '11 was Winter Solstice]
One can extrapolate the levels accordingly for BankNifty
To summarize, for the next few sessions, there is no change to the trading outlook i.e. one can comfortably build positional longs and shorts via futures as range-bound moves are anticipated till the end of this week with some whipsaws over the next 2 sessions :D
With regards to the technical glitches on the EW section, I do not prefer to disturb Raghuji during trading hours for administrative stuff - I will talk to him in the evening and figure out a way to avoid inconvenience to our dear readers. With regards to sharing of email address, I am not authorized to do that. Only Raghuji can decide whether and with whom he wants to share his personal contact details incl email address
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