Divergence spotted at Nifty hourly chart

Divergence spotted at Nifty hourly chart that’s why avoid buying at this point as indicators are not moving up and market is trading at  overbought zone , time to book profits you may reenter  at or below 5900 level in a month or 2 …

EOD nifty chart is indicating that market traded in small range and close near to last close which was indication of  either accumulation of bull power or distribution at 6045  6060 level if distribution was there  then today’s high will act as turning point ….

at the time of last quarterly result reliance started gap up but ended in red… so be cautious while trading reliance today as  revenue is above 100k Cr   but GRM is down which is not very healthy so if history will be repeated then you may see profit booking at higher level in reliance.

Positive to gap up opening is expected with extremely volatile session ahead , gap filling possibility as futures open interest is not supporting in a way as  nifty moved by 300 points up and open interest increased by only 2 lac  shares  …read  detailed report at  http://dhanvarshagrp.blogspot.in/2013/10/oi-not-added-with-up-move.html   showing poor  F&O participation  at and above 5900  .

Trade in Nifty futures as per these levels

Buy at / above: 6221   Targets: 6237 – 6257 – 6277 – 6297
Stoploss : 6201
Sell at / below: 6201   Targets: 6184 – 6165 – 6145 – 6126
Stoploss : 6221

last 1 hour trade at sgx Nifty is indicating for suspicious move …trading in close range of only 10 points 6200  6210   …last traded price is 6204 …expect sharp profit booking at open from 6200 to 6150  40 …those who are holding stbt  exit  if sustains at 6150 60 ..as we are expecting that 6140 may extend gud support to Nifty futures if profit booking came today …place AMO sell for nifty at 6194   for minimum gain of 25 points .

The Confederation of Indian Industry (CII) said on Monday that its survey of CEOs indicated the economy was moving towardsstagflation.

“Indicating that the economy is moving towards a situation of stagflation, majority of the respondents (42 per cent) expectedinflation to increase moderately in the second half of the year,” CII said in a statement.

Stagflation refers to a situation where economic growth is too low and inflation is too high, leading to high unemployment levels. The situation indicates a dilemma for policymakers, since actions designed to cut inflation may aggravate unemployment.  read more …

888   and 900  crucial for reliance above it sky is the limit . closed at 870.30 at NSE

Divergence spotted at Nifty hourly chart