NIFTY/STOCKS INTRADAY UPDATE
__________________________________________________________
02:13 Pm : NIFTY (4958)Which stocks are impressive ?JUBLFOOD - 1293 so rapidly. Once it crosses 1192, it kept on moving higher. SBIN - steady moves towards 2077 - So strong rebound in past 2 days. Weak stock - TATASTEEL - as it has failed to come even near to 419. It may be dull index but only stock specific move can make the day.
__________________________________________________________
02:00 Pm : NIFTY (4952)If you look even my time line, it is indicating for choppy trades. I am constantly releasing such hints. We crossed 4956 but now there is no more steam in the market to advance further. I am still not saying for weakness but mometum is missing. Buyers are able to focus just few stocks like, SBIN and JUBLFOOD. Intraday support for NIFTY is still @ 4940-4930. As long as we hold those we can expect wild rapid behaviour on index in the beginning on expiry week
.__________________________________________________________
01:00 Pm : NIFTY (4962)Nothing happening in this market in term of index. We are just able to see very limited move on stocks. We cannot search for excitment. It seems that someone has to trap, either bulls or bears. Its better to wait till market take some decision. I can still suggest that atleast one should not short as long as 4956-4950 sustain. Let it settle below those to count for weakness. LT,INFOSYS and TATASTEEL - will provide better trading opportunity in last 120 minutes of trades. __________________________________________________________
11:55 am : NIFTY (4962)Nifty has crossed 4956, it has crossed even 4960 on decisive time frame but still failing to generate momentum. I am already sensing it that market is running short with steam but technicals charts are still not weak. As long as 4956 holds we have target of 4998 but those cannot be without momentum. Nifty is still choppy and not giving opportunity. Support for intraday 4940-4930 for NIFTY spot. NIFTY MAY FUT is on discount of 13 points.I have quoted this in past too that this is the zone of multiple retrechment resistances. Hence even rise is not smooth. __________________________________________________________
11:00 am : NIFTY (4955)Nifty is still moving in a very small range. It seems that maret is running out of stream for further recovery. I am still expecting some decisive move. LT shoot up in last one hour and Infosys slipped. SBIN is still stable for gain. NIFTY has technical target at 4998 if able to sustain well above 4956. Let us see. __________________________________________________________
10:00 am : NIFTY (4950)NIfty hit a high at 4959.35. Should I consider this as decisive break? No. Breakout always refer with two term, one is price breakout and other is time breakout. I am still not on trade for intraday. SBIN has gained little in past 30 min but rest other is not impressive. Do watch two stocks for trading opportunity, Infosys and LT. I am not on trade yet
.__________________________________________________________
9:30 am : NIFTY (4945)Regular readers must be knowing that I have quoted for the resistance @ 4956 manytimes in recent days. Today's high as of first 15 min is 4955.05 which is confirming the importance of 4956. Range for first 15 min is 4930 to 4955 which is not suitable to conclude anything. We are just witnessing some strength in steel stocks,JUBLFOOD and SBIN. I have already said, 4956 is beyond speculation. __________________________________________________________
You must read previous articles and watch above chart carefully to understand this article completely.
Important development of charts –
Nifty has saved 4789 levels and forming ‘Double bottom’ pattern as of now.
Nifty has not closed below 4830, which is 61.80% downside from 5136 levels (5630-5136).
A double bottom formation with lows @ 4789 and 4803.
4880 – It will emerge as important support for 2-3days.
4956 – 50 % retrenchment of 5125 to 4789.
4790 = 76.40% from 5630 against the rise from 4531 to 5630. We must be opening near to this one.
“We are still not out of threat, we seen to stand tall above 4956 (sandwiched high) to bet for confirmation for short term bottom. Will it happen so easily?”
My repeated quote is, “I never prefer to speculate of levels like 4956. Let it come to see a good confirmation for rise. Cross over of 4956 will give us levels of 4998 (61.80% from 4789 against fall of 5125 to 4789).”
I am still hoping for either choppy or an attempting market on higher side. It means that Nifty may make another attempt. It doesn’t matter where SGX Nifty is trading right now. Take a note that my recommended short on stocks can run on the trades below 4880 levels of Nifty.
NIFTY MAY FUTURE: If it manages to stand above 4940 then we can hope for further 30 points f gain, which might cause the cross of 4956 on NIFTY spot. If those happen we can expect 4998 levels in coming days.
Our intraday update will begin from 9:30 am onwards and this article will be updated every hours. Do visit again.
(If you think that other readers should also read this article then recommend this on google by clicking g+ link given below).
Read www.viecapital.com for stocks views
Thanks & Regards,
Praveen Kumar
Mail id – Praveen@viecapital.com
Mobile number – 09893369889
