Friday, July 27, 2012

30th July: 3rd Consecutive negative weekly close in Nifty Futures



  • 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.

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