- Nifty Futures closed at 5323 which is 35 point lower than its previous close of 5358.
- After a strong bullish candle on previous day Nifty Futures opened with 32 points downward price gap at 5326 and narrow range movement was seen throughout the day.
- On daily chart “Harami Pattern” is seen as per Japanese candlestick analysis suggesting indecisiveness in the market.
- For past 7 trading sessions Nifty Futures is moving in a 100 points range between 5350 - 5250 and this is likely to continue for next 2-3 trading sessions.
- In this range bound movement any fall in the range 5280 - 5250 will be a buying opportunity with a stop loss of 5090 and target of 5400 - 5450.
- We expect gathering of upward momentum in the market from next week onwards after gap up opening above 5350 levels.
- The short term trend will remain in upward direction till the time Nifty Futures trades above 5090 which is crucial level to watch.
- The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 5000 on weekly closing basis.
- The intraday resistance levels for Nifty Futures are placed at 5350 & 5400 and support levels are placed at 5300 & 5250 respectively.
Wednesday, July 11, 2012
12th July: Nifty Futures expected range 5350 - 5250 for next 2 - 3 days
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