- Nifty Futures closed at 5124 which is 81 points higher than its previous close of 5043.
- After a sharp fall on previous day Nifty Futures recovered the losses and closed above 5100.
- Nifty Futures has established bearish trend forming lower top and lower bottom for past 3 weeks and still the upward reversal is not seen on the charts.
- Immediate resistance for Nifty Futures is placed at 5200 but it needs to surpass 5275 mark for showing an upward breakout and fresh rally in the market.
- 3rd consecutive negative weekly close was seen in Nifty Futures with a loss of 92 points week on week basis indicating absence of buying on weekly chart.
- On the downside the 62% retracement and crucial support level is placed at 4990 below which intermediate trend reversal will be seen.
- The short term trend reversal level of Nifty Futures is placed at 5300 above which the trend would turn in positive direction.
- The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 4990 on weekly closing basis.
- The intraday resistance levels for Nifty Futures are placed at 5170 & 5200 and support levels are placed at 5100 & 5050 respectively.
- Among the sectoral indices, buying was seen in Metal and FMCG sector stocks where as selling was witnessed in Realty and Capital Goods sector stocks.
Friday, July 27, 2012
30th July: 3rd Consecutive negative weekly close in Nifty Futures
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