NIFTY OUTLOOK AND TRADING LEVELS FOR 10 MAY 2013
It is first time after bull run of nifty , we are seeing 2 reversal candles in continuation at top of trend at Nifty eod chart …hanging man followed by spinning top in the shape of bearish engulfing and combo shape is making tweezer top so you can say it is end of bull wave and we will see profit booking /correction /retracement from this level.Now next question is …how much it will retrace ? for that we will use our own analysis in different ways may be fib dow gann elliott or any other method but whatever we will use , result will be same and that we can say if 600 points up move was there minimum 200 points retracement is mandatory for further up move so looking at 5900 level in May before expiry … . that we will call as healthy correction and if corrected by 400 points then …deep correction .
Bank nifty call is active ..12700 is crucial …advised to sell on rise at any level below 12700 keeping sl ( 12700 closing basis ) as mentioned at bank sell call … BN chart also not supporting bulls …
Flat to positive opening is expected with Friday effect on …because there are 2 or more combinations…gann turning dates ...candles ..Friday ..these all factors fuelling bears to act … moreover a perfect head and shoulder pattern spotted at 30 min chart …
Trade Nifty futures as per these levels
Buy at / above: 6103 Targets: 6121 – 6139 – 6159 – 6178 – 6198
Stoploss : 6084
Sell at / below: 6084 Targets: 6054 – 6033 – 6011 -5973
Stoploss : 6103
Both calls traded above 72 ….means gain on each trade 20 % or more
First call advised at 9.12 AM …before market opening
and second when nifty was trading at high …at 1.34 PM
firstname.lastname@example.org (5/9/2013 1:34:00 PM): buy pe at 60 62 sl 53 tgt 68 75
bank nifty advised to sell at 12650 ..call was like this
email@example.com (5/9/2013 12:56:37 PM): sell bn 12620 650 sl 12710 tgt 12556 12512
Crude sell call
firstname.lastname@example.org (5/9/2013 1:13:52 PM): sell crude at 5224 sl 5242 tgt 5206 5182 5162
email@example.com (5/9/2013 9:18:29 AM): sell rel infra at 398 99 sl 405 tgt 392
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