Nifty Analysis And Bank Nifty Analysis For 29Sep2011

Indicator 
-----------------------------
Nifty Monthly  Oversold (Bearish below 5248)
Nifty Weekly   Bearish  (Bearish below 4977)
Nifty Daily    Bearish  (Bearish below 4946)
Nifty Hourly   Bearish  (Bearish below 4946)  


Trend Indicator
--------------------------------
Nifty Monthly Long above 5526(HEMA) and 5031(LEMA) (TREND UP ABOVE 5248)
Nifty Weekly  Long above 5113(HEMA) and 4845(LEMA) (TREND UP ABOVE 4977)
Nifty Daily   Long above 4994(HEMA) and 4889(LEMA) (TREND UP ABOVE 4946)
Nifty Hourly  Long above 4956(HEMA) and 4933(LEMA) (TREND UP ABOVE 4946)


JNSAR
---------------------------------------
Nifty Weekly JNSAR 5024 -stay short
Nifty Daily  JNSAR 4972 -stay short
Nifty Hourly JNSAR 4953 -stay short


Nifty Havala Level
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4840 (August Closing)


Nifty Aggressive Trading
---------------------------------
Range 93  max 4851  min 5038
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    4900
Resistance 5000


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


Nifty may face  resistance at 4958-5010-5039-5060
Nifty may face  support    at 4914


Overall Trend remain down.


Sideways market between 4900 and 5000 is expected with 4960 as pivot.Lets See.


As per Elliot wave and Fibonaaci possibility => Go Long near 4920 for target above 5006 max stoploss 4885 (trading  5.2.c wave)


Below 4885 ,reverse your trade -> chances are less no pattern indicating this move but  anything can happen.




Expiry may happen in 4851-5038 range.(As per VIX range).




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