Treasure Hunting Map (Nifty)

Hi Friends

Nifty is taking support at 4780 and not able to sustain above 4850 levels to touch 4890 and 4920 levels on the up side.

AS of now for the past session in the week if we see, nifty has shown no moves at all, what we saw was just our imagination, only one fast move has been seen in nifty from 7^th which was a opening at 4682.40 and a close at 4829.55 for the session ending on the 11^th.

For the period 07-09-2009 to 11-09-2009

Date	Open	High	Low	Close	Shares Traded	Turnover (Rs. Cr)
07-Sep-2009	4682.40	4790.00	4679.30	4782.90	243162111	8418.82
08-Sep-2009	4782.85	4842.20	4782.65	4805.25	310692738	11901.18
09-Sep-2009	4804.90	4825.05	4783.50	4814.25	239157623	9314.22
10-Sep-2009	4814.35	4889.05	4807.90	4819.40	235712405	9264.17
11-Sep-2009	4819.40	4856.15	4791.55	4829.55	236392562	8539.69

Check the data your self, after the fast up move, nifty has just not able to sustain at its up high levels, and we have seen some profit booking and bears taking over the fight but in the end of the day bulls take over and given a flat close.

Thus nifty is trading in an range bound situation and if we look at the charts : -

We have seen continuous buying in the index since the starting of the session, but this didn’t make any fast moves on the index & in the end of the day a flat close & if we compare the closing for the days, they are just nominal gains, thus this proves that nifty is under doing a fast move and from the 7^th to 11^th the fast move is out of the bags and for the next up move and make new highs in the index, it has to again consolidate and jump back with force, as per the steam is exhausted and a healthy correction is due.

Now for the week opening, we may see some profit booking and test 4750 – 4720 – 4680 – 4650 and a strong support exists at 4580 which is unlikely to brake due to time limits.

After continuous buying we may see some continuous selling and a flat close in the end of the session, but we would be updating on daily basis as per predicting the next day is advisable but giving forecast for the whole week end is not that easy in this choppy and volatile unpredictable market.

For the session nifty has to brake 4780 levels to test lower levels and go under correction and the confirmation for the bears to take over would be confirmed and any two closes above 4880 levels would confirm the next bull run and the control in the hands of the bulls.

One who cants to go long in nifty can go long with stop loss at 4780 and buy around 4800 levels for a target of 4820 – 4850 – 4880 on the cards, and who want to go short in the market can short below 4780 levels keeping a Stop loss at 4810 levels and open targets for 4750 – 4720 – 4680 – 4620 levels.

Treasure Hunting Map for the session can be as follows : -

Buy Nifty above 4842 – 4859 – 4875 – 4890 – 4907 – 4924 SL – 4922

Sell Nifty below 4810 – 4800 – 4795 – 4780 – 4761 – 4745 – 4730 SL – 4828

Now the Points to watch out for the week are 4920 - 4880 - 4820 - 4780 - 4650 - 4580, these are the crucial levels for the index and keep eagle eyes on the marks.

Volatility index is up high in the sky and traps have been created to longs and shorts both, thus be careful and dont get trapped in the traps of the market.

A aggressive trader can take short positions in small quantity at 4880 - 4865 levels keeping a stop loss at 4900 levels and wait for 4850 - 4820 - 4780 - 4750 - 4720 - 4780 - 4650 - 4620 - 4580, below 4550 the market trend would change and this short position would be a multi jackpot & we can straight touch 4380 levels on the golden card. This is a risky trade, but gains are massive with a nominal stop loss of few points.

Trade in the market with strict stop loss and book profits at high levels as per this is a quick sand, which will sink the ship slowly and gentaly and if we come out of the sand then we can go up high in the sky.

Trade with strict stop loss in the coming sessions.

We would like to wish all the Pirates a very all the BEST.

Disclaimer : -

The above stocks are my personal views, one may see that trading in the market involves risk and thus one may trade in the stocks at there own risk, we won't hold any responsibility.

Regards

Treasure Captain
www.moneybaghunting.blogspot.com
http://twitter.com/moneybaghunt