Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Updated Nifty Supports and Resistance for the month – APR 2008

1 min read

Nifty Movement Analysis

This time Iam presenting two kind of Nifty Strategies depend upon the market sentiment as the market is now in consolidation mood.

Negative Sentiment

-As US cues are week because of Q1 profit of GE declines 12%.As GE is the second largest company in term of marketcap. Result : Dow down 256 pts and NASDAQ down 60pts
on last friday. This may initiate selling pressures in global market on Monday.

-Also Yen is currently trading at 100.88/dollar which has strong support at 100/dollar.If Yen strenghtens below then there is a chance of Yen carry Trade

-If Infosys annual guidance for the year 2008-2009 to be proposed on 15th,Apr
If this turns negative then there is a chance of our market to take U turn.

-And Inflation at 7.4% which is at 3.5years high. So Bank stocks may either consolidate or it can move down because of CRR Rate hike

Positive Sentiment

-IIP no’s for the month february released on last friday is a bit healthy at 8.6%
when compared to the month of january at 5.8%. So huge chance of capital goods Stocks can move upwards as expected growth in this sector is at 9.2% more than market expectations

-Any suprise in Annual Guidance can move the market upwards despite global weakness

-Reliance and Reliance Pack are moving in northward direction can be the catalyst for the market to boost upwards.

Nifty Trading Strategy:

Case 1:
If the market sentiment is weak then one can take nifty shorts with a stop loss at 4820-4840 as nifty is facing strong resistance at this zone.Nifty is expected to follow the red channel as shown in the chart. So One can expect a downward target of 4680 and 4600 if the market sentiment is weaker


 

Case 2:
If the market sentiment is good with good global cues and good annual guidance from infy then one can go long if the nifty crosses above 4823. Keep stop loss at 4760.Targets are 4919 and 5050 and in extreme case it can move upto 5200

Click here for Last week Nifty stratergy

For Investors
Market has a strong support at 4400. So Investing in small cap stocks,Captial Goods is a good option if the market is to move from here as good consolidation is seen in last week. Even in falls dont panic try to accumulate more stocks at the bottom.

Truly Market sentiment to Play in the market for the next week. Hope everything goes well.

To recieve daily Nifty supports and resistance, Short Term(7-15% returns), Medium Term(20-30%), Long term(40-100%) calls on your mobile Sign up at www.smsgupshup.com/groups/marketbits

Regards,
Rajandran R
rajandran@marketcalls.in

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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