Monthly Archives: September 2013

Nifty and Bank Nifty Technical Analysis for 01 Oct’13

Nifty as on 30 Sept’13– 5735.30 (-97.90)    Bank Nifty as on 30 Sept’13– 9617.80 (-281.95)

Nifty opened week on a negative note. Most of the day Nifty remained range bound, but gave away in last half an hour. Importantly, spread between Spot and futures prices of Nifty is higher, in isolation which is bullish indication for the market, but looking at price action this hypothesis may be overruled.

Nifty has a support near 5715, and in the last session it made a low 5715. According to us once, 5700 level is taken away it is confirmation that Nifty will test 5500 levels.

Bank Nifty continued its downward journey, on immediate front Bank Index has a support at 9400, once this support is taken away Bank Nifty will straight away head for 9000 levels.

Keep visiting Way2Profits, for unbiased Daily view on the Nifty and Bank Nifty.

Nifty & Bank Nifty Weekly Technical Outlook for 30 Sept, 2013

Nifty Daily Chart

Nifty Daily Chart

Bank Nifty Daily Chart

Bank Nifty Daily Chart

Month of Surprises and Shockers is about to over.

Nifty remained weak throughout August month, some relief came at the end of Month, so it was obvious market started expecting some retracement in month of Sept, but broadly, weak tone was already set in the minds of people, because we already saw 5118 levels. Nobody has predicted (yes, you can’t forecast here) that Nifty can even cross 6000++ levels, leave the idea of 6150, including us.  After giving sharp breakdown on 3rd Sept, Nifty again moved higher, first surprise; from the low 5318 Nifty climbed towards 5924, just in matter of five trading sessions move of 600+ second surprise; after staying range bound for five sessions giving upside breakout from falling trendline and making high of 6142.50, third surprise; immediately correcting the move, but staying absolutely flat on expiry day by moving in a range of 53 points, last fourth surprise. Does anyone here, who must have even thought of this spectacular rally and trading appropriately. We are sure there is none, but there is a race to conceal the deficiency. Fortunately, Way2Profits is not in such race. Now, let’s try to understand and prepare our self for coming month of October, and see whether we can catch the right move or not.

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Gold Technical Analysis from 30 Sept’13 Onwards

Gold Daily Chart

Gold Daily Chart

MCX Gold Daily Chart

MCX Gold Daily Chart

Yellow Metal is forming its base in International market, which is reflected in MCX Gold as well.

Technically Speaking –

International Gold @ 1336.30 making marginal higher lows from last four sessions, forming a minor trend line upon which it is taking support.

Week on week basis Gold prices moved higher by $10.

As shown in attached Gold prices reached closed to falling trendline resistance, breakout from this line will entice further buying interest in Gold.

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Nifty and Bank Nifty Technical Analysis for 27 Sept’13

Nifty as on 26 Sept’13– 5882.25 (+8.40)    Bank Nifty as on 26 Sept’13– 10098.30 (+16.60)

Most Unforgettable Expiry.

We think this was most unforgettable expiry day. What a tight range was managed in Nifty, Bank Nifty, and CNX IT. Like market was in Holiday, and most players have already settled their contracts. Possibly big players might have already roll-over their position, but still we rarely see that on the day expiry market moves in a such a way.

Now, what is next on the cards?

At first glance, Bank Nifty is still appearing weak to us. Price action in CNX IT Index is suggesting that something is fishy here, otherwise it would have fallen much earlier, and still it is maintaining its stance, that means that there is vested interest in CNX IT Index, it is better to wait for confirmation. Nifty, waiting for breakdown then 5840-5830 would be first signal 5800 would be next, which can take Nifty towards 5700 levels.

We see one probability that today i.e. (Friday) market may give sharp breakdown, (we are not sure for that)

Keep visiting Way2Profits, for unbiased Daily view on the Nifty and Bank Nifty.

Nifty and Bank Nifty Technical Analysis for 26 Sept’13

Nifty as on 25 Sept’13– 5873.85 (-18.60)    Bank Nifty as on 25 Sept’13– 10081.70 (-94.20)

No, we are not out of the market; only running little busy. Sorry for inconvenience.

From last three sessions market is moving extremely volatile way, I would say it is the phase when trader is bound to take wrong decision, and bound to get trap (we are also one in your party). But that is how market is.

Today (26 Sept’13) is expiry day, and looking at recent price action it seems that this session could be one more volatile session of the week, and who knows who has to bear more pain.

Nifty Daily Trading Strategy

If as a trader you enjoy playing volatility, then take long position with stop loss of 5870, and if Nifty turns weak then shorts can be taken below 5830 levels.

Bank Nifty Daily Trading Strategy

It seems that big surprise lies under Bank Nifty. Fresh longs can be taken above 10275 levels, and shorts with stop loss of 10170.

Frankly, if you ask us what is our call on market, than we don’t have any conclusive answer, at least for expiry day, because here many factors play the game. We would prefer to play with pivot trading only.

Keep visiting Way2Profits, for unbiased Daily view on the Nifty and Bank Nifty.

Nifty & Bank Nifty Weekly Technical Outlook for 23 Sept, 2013

Nifty Daily Chart

Nifty Daily Chart

Bank Nifty Daily Chart

Bank Nifty Daily Chart

You can’t be always right buddy…

Or Some excuse is coming to help you…

During last week market gave us surprise in terms of momentum and not in terms of direction, but missed chance is lost chance, but does not mean that you lost whole game. In month of August we saw some sharp declines, while in September we are witnessing some sharp rise. One lesson what we learn from market is You can’t be always right, and if you accept your defeat life (trading life) becomes smooth for you, but once you start arguing and finding all alternates in form of excuse or in form of another pattern formation, or at last you have big excuse of macro economics in your hand to put all blame, basically, you are trying to justify what you have earlier said.  At Way2Profits, you’ll never finds us blaming any other factors, but to accept our deficiency and moving ahead, and we believe that is what our USP is. If you are bored from hearing all stupid excuses which are very much available on tip of Google, then feel free to Join our mailing list and get fresh perspective on market.

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Gold Technical Analysis from 23 Sept’13 Onwards

Gold Daily Chart

Gold Daily Chart

MCX Gold Daily Chart

MCX Gold Daily Chart

In last week there was lot of speculation and rumors were floating around Gold and for that matter for almost all Metals, that there was leakage of Information about Fed is not moving towards tapering, and insiders have used this opportunity to gain from this information. But unfortunately this information holds good only for one day, immediately on next day Gold Index gave small candle and turned lower in subsequent session. Let’s take a technical look. To read full report, just register here and get report in your mail box absolutely free. Click here to register Few Clarifications –

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