Wednesday, August 29, 2012

29th Aug: Correction continued for 4th consecutive day testing 5320




  • Nifty Futures closed at 5346 which is 16 points lower from its previous close of 5362.
  • Nifty Futures lost 142 points in past 4 trading sessions from the high of 5464 up to 5322 which was the days low.
  • Bounce back may be seen in Nifty Futures after testing the low 5320 which can be stretched up to 5380  and above that 5410.
  • Till Nifty Futures trades below 5460 the sideways movement and consolidation phase is likely to continue in Nifty Futures.
  • The breach of 5320 may result in sharp slide till the next support level of 5260.
  • The short term RSI is suggesting selling pressure and absence of buying in the market.
  • 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 5380 & 5410 and support levels are placed at 5320 & 5260 respectively.

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