Nifty Analysis And Bank Nifty Analysis For 28Sep2011

Indicator 
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Nifty Monthly  Oversold (Bearish below 5256)
Nifty Weekly   Bearish  (Bearish below 4985)
Nifty Daily    Bearish  (Bearish below 4945)
Nifty Hourly   Bearish  (Bearish below 4956)  


Trend Indicator
--------------------------------
Nifty Monthly Long above 5526(HEMA) and 5031(LEMA) (TREND UP ABOVE 5256)
Nifty Weekly  Long above 5105(HEMA) and 4845(LEMA) (TREND UP ABOVE 4985)
Nifty Daily   Long above 4988(HEMA) and 4889(LEMA) (TREND UP ABOVE 4945)
Nifty Hourly  Long above 4964(HEMA) and 4941(LEMA) (TREND UP ABOVE 4956)


JNSAR
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Nifty Weekly JNSAR 5024 -stay short
Nifty Daily  JNSAR 5000 -stay short
Nifty Hourly JNSAR 4912 -stay long


Nifty Havala Level
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4840 (August Closing)


Nifty Aggressive Trading
---------------------------------
Range 96  max 4874  min 5067
STOP LOSS 15-20 points only.


Support and Resistance
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4680-4784-4810-4865-4951-(5006-5011)-5057-5114-5182-5225-5296-5350-5393-(5433-5460)-5490-5502-5532-5539-5550-5580-5606-5616-5630-5658-5667-5729-5754-5775-5865-(5940-5965)-6090-6175-6250-(6325-6350)


Open Interest 
-----------------------
Support    4800/4900
Resistance 5000


Trade Conclusion
--------------------------------
Only above 5060, maintain long position(Added filter of 60 points) 


Nifty may face  resistance at 5010-5039-5060
Nifty may face  support    at 4958


Overall it looks like the pull back rally is on the verge of ending and downward waves may start anytime(either from 5010 or 5082).
Overall Trend remain down.


Fresh selling area is 5010 and 5082  with strict stoplosss for target near 4900
Sell between near 5000 stop loss 5010 ,Target 4900
if market move pass 5010 ,try another sell near 5080 stop loss 15 points only 


Expiry may happen in 4900-5082 range.(As per Elliot Wave and Fibonacci).


Stop-loss is an essential risk control mechanism and it should always be there.
Part booking help you to manage risk.


Hope that helps .Take care .Have a happy trading.
Bank Nifty Analysis on http://tradeinbankonly.blogspot.com