As far as todays trading concern it was a small ranging day with some moves seen at end.
NIFTY INTRADAY CHART STUDY – Over all with low ranging movements also nifty able to give proper technical signal on chart today, we given a sell call @ 5615 with just 5620 sl (and it reverse from 5623)and given buy above 5620 but as time consumed nifty shown 5625 sl and we miss to change this sl, and due to this small mistake our call gone wrong today.
as we can see in chart nifty created NEGATIVE CONVERGENCE on chart and not able to cross trendline resistance on chart and even in RSI, it was bit confusing due to short range, but still clear on chart, only one thing we can say that market tested Patience of traders today.
overall chart showing good breakout above 5625 and till it was not crossing, fall was expected at anytime and it happen at end.
NIFTY OUTLOOK FOR 27-06-2013 (EXPIRY)
As a expiry day tomorrow we surly can expect volatility in market.
If open GAP UP THEN – If able to open gap up tomorrow and sustain its gains for 30 min. then upside we can expect levels of 5625-5650-5685. but if not able to sustain it gains after a GAP UP opening then we can see downside support at 5570-5550 range, which is looking to be major support range for market, we may expect reversal from here also, but if this level also broken and sustain below this range for 15-20 min then only we can see 5510-5460 levels.
IF open GAP DOWN THEN – today it self nifty given a close at very lower level, if open a gap down then we can expect a major support range at 5550-5570 range, and as its a major support we cant avoid expectation of bounce from here, so if this levels are sustain for 1 hour then we can see upside 5590-5625-5650 level. below 5550-70 range we surly can expect 5510-5460 also.
over all indication of volatile day tomorrow and and day range to assume between 5550 to 5625 beyond this levels only major breakout can be seen for tomorrow.