Tomorrow being RBI policy we recommend to buy NIFTY 6000 PUT (Sept) near to 33 to hedge your long position (Max loss=1650/lot)
Nifty has been taking strong support at 5 EMA at 5827 which i consider to be a crucial avg for a week trader. These 2 days are crucial for DOW as FOMC meet begins. Tapering is expected to be almost $10billion. We all must wait for the result tomorrow. But chart patterns suggest a 70% chances a up-move. DOW is technically at confusing state but daily indicators are suggesting a upside bais too. RBI bank review is on 20th September and we dont expect at rate cut and i guess market is already discounting it. So we are in a consolidation phase and nifty’s downside is capped at 5690-5718. Our Strategy would be going Long and averaging your positions around 5691-5718 with targets of 6030-6150. (Closing basis)
Yesterday i did mention to square-off Longs after nifty closes below 5871 and today it closed below. But i would suggest you all to ignore todays close and DO NOT CLOSE longs tomorrow UNLESS it trades below 5832 tomorrow. Today IIP numbers were announced after markets and Inflation too. Both the numbers have shown some extra ordinary improvement. So wait and watch for tomorrow
Nifty has closed above a strong resistance level of 5724 today. Our target was 5769 as we expected on 4th September 2013. Technically it has closed a way above 100 EMA and 200 EMA. Now markets are in a strong bull run. Now we can expect a high volatile sessions upto 17th and 18th Sept when we have bank policies. Our Strategy now is to hold longs initiated on 4th Sept with Trailing SL of 5724 Closing basis
On 7th Sept, i initiated a Short call on Soyabean near to 3512 and 3386 was the first tgt. Today it closed below 100 EMA which as at 3386 and my first tgt has been achieved. Next support could be at 50 EMA at 3288. But chances are that market would take strong support at 3190. As per Elliot wave the worse could be at 3050.
Strategy: HOLD Shorts initiated around 3500 levels with the SL at Cost Price. Book partial profits at 3288 and Full profit at 3190