Nifty Future Price Action 18th September 2012

Nifty Future opened at the previous day close and continued the previous days price action. But close to the Big Round Number of 5600 Nifty Future rejected this price sharply and moved above the previous day swing high of 5620. Nifty Future failed to move up till any decision point and spent the rest of the day trying to take out the days open. Nifty Future started moving in a downward channel but after the failure to take out the days low. Nifty Future price drifted into a sideways channel. There were a number of strong trend bars but it lacked follow through in both directions. A trading range day with plenty of breakout failures. All trade opportunities today was on breakout failures.

Nifty Future Price Action 17 Sep 2012

Due to strong overnight cues Nifty Spot opened above the Swing high of 5630. On open there was a strong selloff below the Nifty Spot 5630 level. After the RBI announcement of no rate cuts, the down move resumed till the previous days high. As per the price action setup there was only one good short trade setup. The up move started on weak signal bars and did not have deep pullback for long trade entries. Nifty Future closed the gap but did not fall in the previous days trading range.

Nifty Future Price Action 14 Sep 2012

Nifty Future opened with huge gap up and proceeded to move up on high volumes. This was due to strong Global and Domestic cues. Inflation data was expected which may cause a dampener to the bullish sentiment. A day which opened in a strong note became sluggish due to high inflation data and closed at the level where it was prior to the announcement of the Inflation Data. I have given below the 5-min candlestick chart with my observations.

Nifty Future Price Action 13 Sep 2012

Today was at best do not trade day as Nifty was locked in a severe Bear and Bull fight. It could have transitioned to a big move day had there been a clear winner. One indication of it being a trading range day was lackluster traded volume. But volume does tend to pick up when either the Bulls or Bears lose and the stop losses gets triggered. As trader we have to enter position at high probability trades and wait for the market to play out.

Nifty Future Price Action 12 Sep 2012

The day turned out to be very interesting with two news event outcomes. Nifty Future remained range bound till the IIP Data announcement. On the IIP Data announcement Nifty Future spiked to the days low and sharply recovered. The second attempt of the Bears was more stronger and took out the days low and the upward trend line convincingly. Then the positive news flow of the German Court ruling had a bullish price spike that reversed Nifty Future back to the Days high. Bears again quickly slammed Nifty Future back to the Days low. But Bulls stole the show and strongly closed Nifty Future above the Days high. I have outlined the candle stick bars that have proved to be the turning point to this Bull and Bear saga.

Nifty Price Action 11 - Sep - 2012

Nifty Future opened weak with gap down on poor global cues but moved above the days open. The first attempt to move above the Previous day low failed but after testing the days low Nifty Future successfully moved above the Previous Day’s low. I have given below the 5-min candle stick chart with my observations about the crucial candle stick bars that would give an insight into today’s price action and trade opportunities.

Nifty Future Price Action - 10 Sep 2012

Nifty opened near Saturday’s close due to lack of Global and domestic cues. Nifty Future on open displayed bearish strength that moved it till Saturdays opening price. I have given below the 5-min candle stick chart with my observations about the crucial candle stick bars that would give an insight into today’s price action and trade opportunities.