Nifty Analysis for 4thFeb

Nifty Weekly will be in buy mode above 5755.
Nifty Daily  will be in buy mode above 5566.
Till then we are in downtrend.
Trend reversal process is @ very begining -> Look for short trades -> Ignore long call unless we start trading above 5600
Today 5498-5518 is zone to watch , if we start trading below -> more downside is to come.


Other activities indicate bullish view 
Bullish View => Nifty Open Interest for February stands at 2,18,87,250 down by 1,72,150 with increase in price (Short Covering)
Bullish View => Unwinding seen in 5200CE,5300CE,5400CE,5500CE
Bullish View => Small % of addition in 5500PE,5600PE,5700PE

Trade Level  for 4thFeb2011
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BUY  @5460-5475-5502-5521-5545-5576-5615
SELL @5403-5388-5362-5342-5318-5287-5248




VOLUME PROFILE
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5427-5436-(5454-5473)-(5498-5518)-5525-5600-(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   5505
13ema  5599
21ema  5674
34ema  5753
55ema  5814
89ema  5822
144ema 5751
233ema 5588


Market profile 
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VAH - 5544, POC - 5514, VAL - 5482


Volume Weighted Average Price (VWAP)
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5501.82


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 5695.




J10 TRADING SYSTEM(http://perfecttradingsystem.blogspot.com)
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We will initiated long position if nifty manage to close above 5550.




VOLATILITY BREAKOUT METHOD(http://perfectbreakout.blogspot.com)
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4thFeb2011  NIFTY : MIN 5465  MAX 5588 RANGE 51




Daily and weekly level 
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NIFTY WEEKLY =>ABOVE  5755(BUY)
NIFTY DAILY  =>ABOVE  5566(BUY) 




Open Interest Study
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As of now ,
Strong Support   @5400 
Strong Resistane @5700