Nifty for 23rd December Friday - Outlook

Well, friends, yesterday I mentioned 4718 - 32 range for Nifty future. Though it was trading at 4614-24 range for the day, in the second half, NF rallied to 4724.

Today, I have mentioned 4756 in the morning. As of now, NF has been trading at 4697 - 99. Let's see what happens.

Today evening and tomorrow morning, I would not be updating about the Nifty Future.

Tomorrow just place a sell limit for Nifty future at 4817 and stay in touch. Happy trading and have a happy weekend.

USDINR - howmuch pain is left?

This year has been full of surprises for the currency traders.

I have been receiving many queries about the USDINR outlook nowadays.

 The weekly chart suggests that on the higher side the pressure would be seen going forward. A close of 52.1 and below on weekly level will drag it to further downside.

Silver outlook here onwards

Silver trading in a downward sloping channel is about to touch the lower edge in the Comex and the 'Head & Shoulder' pattern formed on the MCX on 28th Oct has thrown it in a bear market. 

Silver is still in a bearish structure dropping down all the averages now, it can at any given point of time slide towards 49800 levels so stay cautious and trade with levels only.

Outlook of Nifty for 22nd Dec

Nifty future immediate resistance comes at 4718-4731 and sustenance above will target 4756.On failure to uphold 4718 nifty will be dragged to 4671-4632. 
Take care on higher levels the market is not on the bullish side however positive divergences are seen on the oscillators but they still remain bearish, only a close above 4756 can decide further up moves towards 4840-4848 till then Sell on all rallies.

 Throughout c.y.2011, Nifty has remained in the falling channel. 
As I have been repeatedly telling, trend is your friend, it is better not to assume bottoms or predict the future moves of the Indexes, respect the trend as the market is much smarter than all of us.

Outlook of Bank Nifty for 22nd Dec

Bank Nifty Future instant support comes at 8231 if upholds above will rush towards 8371. Crossover above 8371 can even target 8454-8470 which is a strong resistance. On failure to hold 8231 we can retest 8094-8078 and even 7962.

Outcome of Nifty & Bank Nifty for 21st Dec

Nifty future had mentioned cross over above 4671 can target 4718-4731 and also since last 2 days I have been mentioning about 4611. Verify the low was placed at 4613 and once crossed 4671 it rushed to touch the indicated level of 4718-4731 placing a high of 4725 for the day. Bank Nifty future had mentioned resistance 7962-8094 and in my earlier post of 20^th Dec I have clearly mentioned the resistance above 8094 was 8231-8271. Verify opened above the resistance of 7962 and once crossed 8094 it rushed to 8231-8271 placing a high of 8248 for the day.

Outlook of Nifty for 21st Dec

Nifty future immediate support comes at 4561 and sustenance above will target 4632-4640. Cross over above 4671 can target 4718-4731. On break below 4531 it will target 4482.

Outlook of Bank Nifty for 21st Dec

Bank Nifty Future immediate support comes near 7805-7750 sustenance above will target 7962-8094 once again. If fails to hold 7750 we will see panic till 7655.