Monday, August 27, 2012

28th Aug: Immediate support zone to watch for Nifty Futures is 5350 - 5300





  • Nifty Futures closed at 5362 which is 41points lower from its previous close of 5403.
  • Nifty Futures opened near 5400 but gradually declined during the day forming intraday low at 5358.
  • After a rally of 429 points from 5034 till 5463, Nifty Futures has shown retracement in past 3 trading sessions due to profit booking.
  • This corrective move of Nifty Futures is likely to stop in the range of 5350 - 5300 where multiple supports are seen on daily chart. 
  • The short term RSI on daily chart has intersected the trigger line downwards which would support the above mentioned correction till 5350 - 5300.
  • On immediate basis Nifty Futures may find resistance near 5400  and above that next level to watch is 5460. 
  •  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 5400 & 5460 and support levels are placed at 5350 & 5300 respectively.

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