Sunday, September 11, 2011
Last weeks price action - Made a low earlier in the week and zoomed above median line and has closed near the median line at 5059 levels.
For a long term upmove the retest of low of 4720 is expected.So next week the price can attempt to go down till 4850 - 4800 levels.
Trade Outlook : Sell at 5120-5150 levels for targets 4850 levels and lower
.So beginning of week expect the price to move up to retest the swing high .
Stoploss for sell will be at 5160.
SAR - 5175 for targets 5400 levels.
Hourly chart projections
Charting the hourly with the median lines , with the momentum of the last days move , price can attempt testing 5000 levels , bounce back to 5100 - 5150 levels and then fall down further towards 4850.If it breaksout of 5175 after touching 5000 then upmove can be expected upto 5400 levels.
1.If price reaches 5100-5150 levels on Monday / Tuesday then,
1.a.Sell sept futures at 5120-5150 levels + Sell PE 5200 at 5120 levels - SL 5160.
Target 4850 ...Stoploss 5160. SAR 5175
When in profit by 50 points close PE 5200 and sell PE 5000.
2.If price reaches 5000 levels on Monday / Tuesday then,
2.a.Buy Sept futures at 5000 levels + Sell 4900 CE at 5000 levels - SL 4950
Target 5100-5150..Stoploss 4950. SAR 4940
When in profit by 50 points close CE 4900 and sell CE 5200.
Maximum points for stoploss to be 25 points per combination.