An Endeavor To Explore The Uncertanity

Nifty Intraday:- 22 January, 2014

Intraday Nifty Chart

Intraday Nifty Chart

S&P CNX NIFTY is perched above 6300. More important is that  the average typical price of last five trading session now is 6300. Therefore the next three trading session of the week is important for the up-move of the Indian Stock Market. If the bulls can defend 6300 and keep Nifty above 6300 on closing basis in this week than Nifty can pose a serious challenge to previous highs. Though it cannot be denied that Nifty will face stiff resistance at many levels with the first target of 6470 in sight. A lot of shorting will take place at levels like 6350, 6400 and above 6400. Nifty can reverse from any of these levels sharply. The FIIs too have been net sellers on many of the days in January. The main support of Nifty is the 50 day SMA since so many months and it will continue to be the main support. Until the 50 day SMA is broken decisively( at least Nifty is 100 points below it) there is always a chance of re-bounce of Nifty  to a higher level out of the current range.

No doubt, the Bears in the Indian Stock Markets will get a lot of intraday shorting opportunities at these levels on Nifty chart. The decisive short positions are though far away at 6130 and below, at this juncture. So, if you are a Bear keep your shorts only for intraday and the same has been observed by looking at the last half hour of trade till now in January.

The way Nifty is holding tight a sharp move ( I do not know which side) is on the cards of 200-300 points, which will take a lot of us by surprise. Be AGILE; keep your positions with strict stop-loss as per your trading and money management system. The intraday volatility will resume shortly on Nifty charts.


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One thought on “Nifty Intraday:- 22 January, 2014

  1. Reblogged this on Daily Market Pulse – S&P CNX Nifty, Options, derivatives, NSE, charts, profits and commented:
    Really good information shared by IntradayNifty

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