Thursday, June 28, 2012

29th June: Nifty Futures needs to break 5200 for fresh rally




  • 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.

No comments:

Post a Comment