- Nifty Futures closed at 5403 which is just 24 points lower from its previous close of 5427.
- Nifty Futures traded below previous day’s closing of 5427 throughout the day and formed intraday low at 5381.
- For past 11 trading sessions, Nifty Futures is moving in a ‘Rising Parallelogram’ structure showing range bound movements coupled with lower trading volumes.
- Nifty Futures is expected to move near 5500 and positional target remains same at 5540.
- If the corrective trend is continued, then the crucial support is placed at 5320 below which a weakening trend may be seen.
- Nifty Futures has exhibited 4th consecutive positive weekly close gaining 21 points rise over its previous weekly close.
- The short term trend of Nifty Futures is reversed to positive direction as market is trading above the reversal level of 5300.
- 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 5440 & 5490 and support levels are placed at 5380 & 5350 respectively.
Friday, August 24, 2012
27th August: 4th Consecutive Positive Weekly Close suggesting strong hold of Bulls
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