Nifty Daily will be in buy mode above 5574.
Till then we are in downtrend.
Other activities suggests mild bearishness like ............
Short Covering => Nifty Open Interest for February stands at 2,20,59,400 down by 2,37,150 with increase in price. (Bullish)
Bullish(mild) => very small % of unwinding seen in 5600PE,5800PE.
Bearish(mild) => Small % of call witing seen in 5300CE,5400CE,5500CE
I dont have clear picture which side market will take turn. Weekly as well as daily is in downtrend.Oi Study suggest down move and strong support @5400 and resistance @5500.There are two possibilities
1. Range bound market between 5400 to 5500
2. Breakout of 5400 (trend continuation ) / Breakout of 5500 (trend Reversal)
Open Interest data @ this point of time suggest Range bound market between 5400 to 5500 /Breakout of 5400 (trend continuation ).
Lets see 2morrow............nifty movement should confirm.
Trade Level for 3rdFeb2011
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BUY @5503-5521-5553-5576-5605-5643-5690
SELL @5434-5416-5384-5361-5332-5294-5247
VOLUME PROFILE
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5427-5436-(5454-5473)-5487-(5506-5513)-5600-(5630-5640)-5680-5725-5745-5763-5772-5785-5798-5810-5821
MAXIMUM VOLUME PARTICIPATION IS SEEN AT THESE LEVEL FOR NIFTY.
THESE LEVEL CAN PLAY THE ROLE OF IMPORTANT SUPPORT AND RESISTANCE.
Important EMA
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5ema 5495
13ema 5612
21ema 5689
34ema 5767
55ema 5824
89ema 5829
144ema 5755
233ema 5589
Market profile
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VAH - 5494, POC - 5472, VAL - 5450
Volume Weighted Average Price (VWAP)
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5472.06
PREVIOUS MONTH NIFTY EXPIRY
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30-Dec-10--6101.85--41.50--0.68%
27-Jan-11--5604.30--83.10--(-1.46%)
MOVING AVERAGE PRICE CHANNEL(http://pricechannelsystem.blogspot.com/)
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We will initiated long position if nifty manage to close above 5712.
J10 TRADING SYSTEM(http://perfecttradingsystem.blogspot.com)
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We will initiated long position if nifty manage to close above 5574.
VOLATILITY BREAKOUT METHOD(http://perfectbreakout.blogspot.com)
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3rdFeb2011 NIFTY : MIN 5383 MAX 5480 RANGE 48
Daily and weekly level
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NIFTY WEEKLY =>ABOVE 5738(BUY)
NIFTY DAILY =>ABOVE 5574(BUY)
Open Interest Study
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As of now ,
Strong Support @5400
Strong Resistane @5500
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