- Nifty Futures closed at 5149 which is just 9 points higher than its previous close of 5140.
- For past 2 trading sessions Nifty Futures is not able to breach 5160 and closing just below this level.
- On daily charts double top structure is seen at 5200 levels hence Nifty Futures needs to break it for fresh rally.
- After the upward breakout Nifty Futures is likely to enter in the zone of 5200 - 5350.
- The earlier signs of weakness would be seen once it breaches and trades below 5090 level.
- The trend reversal level is maintained at 5020below which sharp sell off may be seen.
- The timing cycle is indicating upward breakout of 5150 on weekly charts and strong momentum may be seen till it holds the level of 5020.
- The intermediate trend of Nifty Futures is in downward direction and reversal will be confirmed above 5300 levels on closing basis.
- The intraday resistance levels for Nifty Futures are placed at 5180 & 5230 and support levels are placed at 5090 & 5050 respectively.
Thursday, June 28, 2012
29th June: Nifty Futures needs to break 5200 for fresh rally
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