NIFTY TOOK A BREATHER ON TUESDAY BY CLOSING POSITIVE AFTER SIX CONSECUTIVE DAYS OF FALLS. IF ONE ANALYSES THE VOLUME OF TUESDAY FOR NIFTY FUTURES, ONE WILL BE SURPRISED TO NOTE THAT IN THE 15 MINUTE INTRADAY CHARTS THE VOLUME BARS OF RED CANDLES WERE MUCH BIGGER THAN THE VOLUME BARS OF THE GREEN CANDLES SUGGESTING THAT THERE IS ABSOLUTELY NO STEAM IN THE MARKETS TO TAKE IT UP & IT MOVES EITHER BY SHORT COVERING OR THROUGH OPERATORS ACTION.
ON TUESDAY, NIFTY FUTURES MADE A HIGH OF 8129 IN THE FIRST 20 MINUTES AND CONTINUOUSLY FELL THERE AFTER TILL 1.40 PM, AFTER WHICH DUE TO PROFIT BOOKING BY THE SHORTERS NIFTY WENT UP TILL 8108 WITH VERY LOW VOLUME TO AGAIN FALL WITH HEAVY VOLUME TO CLOSE NEAR 8075 ALTHOUGH 30 MINUTE AVERAGING CLOSE SHOWS 8087 FUTURE LEVELS. 8130 IS THE CRITICAL 34 DAYS EMA FROM WHERE NIFTY FUTURES FELL ON TUESDAY.
NIFTY IS STILL WEAK AND PROMPTS TRADERS TO TRADE SHORT & BUY 8300 PUTS ON EVERY INTRADAY RISE TOWARDS PREVIOUS DAYS HIGHS. FOR INTRADAY TRADING ON WEDNESDAY, EXPECT AN ATTEMPT TO BE MADE BY OPERATORS TO LIFT NIFTY FUTURES TOWARDS TUESDAY’S HIGHS OF 8130. EITHER SGX NIFTY WILL BE SUITABLY MANIPULATED LIKE TUESDAY TO GIVE A GAP UP OR DOW FUTURES WILL BE SUITABLY MANIPULATED AFTER THE INITIAL SESSION TO LIFT NIFTY FUTURES.
A FAILURE TO BREACH AND MORE IMPORTANTLY TO CLOSE A 30 MINUTE CANDLE ABOVE 8108 FUTURE LEVELS WILL SEE EMERGENCE OF VOLLEY OF SHORTS AND A SLIDE BELOW 8088 AFTER THE INITIAL RISE CAN SEE BIGGER FALLS TOWARDS 8066 BELOW WHICH ONE MAY EVEN SEE LOWER LEVELS OF 8050 TO 8045 ZONE. STAYING BELOW 8044 CAN SEE FURTHER SLIDE TOWARDS 8030 OR EVEN TOWARDS MONDAY’S LOWS OF 8022 FOLLOWED BY 8010 FUTURE LEVELS.
ON THE HIGHER SIDE A RISE TO STAY & CLOSE A CANDLE ABOVE 8108 FUTURE LEVELS CAN TAKE IT TOWARDS TUESDAYS HIGHS OF 8130 SUSTAINING ABOVE WHICH HIGHER LEVELS CAN BE EXPECTED. EXPECT AN OPERATOR DRIVEN LOW VOLUME RISE ON WEDNESDAY ALSO WHICH SHOULD BE USED TO SELL FUTURES & BUY 8300 PUTS.
Cash Calls and fno will be updated by tonight or tomorrow morning.
ON TUESDAY, NIFTY FUTURES MADE A HIGH OF 8129 IN THE FIRST 20 MINUTES AND CONTINUOUSLY FELL THERE AFTER TILL 1.40 PM, AFTER WHICH DUE TO PROFIT BOOKING BY THE SHORTERS NIFTY WENT UP TILL 8108 WITH VERY LOW VOLUME TO AGAIN FALL WITH HEAVY VOLUME TO CLOSE NEAR 8075 ALTHOUGH 30 MINUTE AVERAGING CLOSE SHOWS 8087 FUTURE LEVELS. 8130 IS THE CRITICAL 34 DAYS EMA FROM WHERE NIFTY FUTURES FELL ON TUESDAY.
NIFTY IS STILL WEAK AND PROMPTS TRADERS TO TRADE SHORT & BUY 8300 PUTS ON EVERY INTRADAY RISE TOWARDS PREVIOUS DAYS HIGHS. FOR INTRADAY TRADING ON WEDNESDAY, EXPECT AN ATTEMPT TO BE MADE BY OPERATORS TO LIFT NIFTY FUTURES TOWARDS TUESDAY’S HIGHS OF 8130. EITHER SGX NIFTY WILL BE SUITABLY MANIPULATED LIKE TUESDAY TO GIVE A GAP UP OR DOW FUTURES WILL BE SUITABLY MANIPULATED AFTER THE INITIAL SESSION TO LIFT NIFTY FUTURES.
A FAILURE TO BREACH AND MORE IMPORTANTLY TO CLOSE A 30 MINUTE CANDLE ABOVE 8108 FUTURE LEVELS WILL SEE EMERGENCE OF VOLLEY OF SHORTS AND A SLIDE BELOW 8088 AFTER THE INITIAL RISE CAN SEE BIGGER FALLS TOWARDS 8066 BELOW WHICH ONE MAY EVEN SEE LOWER LEVELS OF 8050 TO 8045 ZONE. STAYING BELOW 8044 CAN SEE FURTHER SLIDE TOWARDS 8030 OR EVEN TOWARDS MONDAY’S LOWS OF 8022 FOLLOWED BY 8010 FUTURE LEVELS.
ON THE HIGHER SIDE A RISE TO STAY & CLOSE A CANDLE ABOVE 8108 FUTURE LEVELS CAN TAKE IT TOWARDS TUESDAYS HIGHS OF 8130 SUSTAINING ABOVE WHICH HIGHER LEVELS CAN BE EXPECTED. EXPECT AN OPERATOR DRIVEN LOW VOLUME RISE ON WEDNESDAY ALSO WHICH SHOULD BE USED TO SELL FUTURES & BUY 8300 PUTS.
Cash Calls and fno will be updated by tonight or tomorrow morning.
China Petroleum and Chemical Corp expects to report its best quarter since 2013, based on Reuters calculations on a company forecast, boosted by a "favourable" downstream refining business and resurgent crude oil prices.
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