Thursday, September 27, 2012

28th Sept: 5700 - 5750 consistently providing strong resistance



  • Nifty Futures closed at 5650 which is 20 points lower from its previous close of 5670.
  • Nifty Futures opened near 5700 but was not able to move in upward direction and corrected downwards to form intraday low at 5644.
  • Nifty Futures is still holding the crucial support of 5640 and below this fall may be seen till 5550.
  • On the higher side 5700 - 5750 is strong resistance zone hence profit booking is recommended in trading long positions.
  • The short term RSI is in extreme overbought zone hence caution is recommended as reversal may be seen. 
  • Uptrend will be materialized only in case of closing above the level of 5750 in Nifty Futures.
  •  The short term trend of Nifty Futures is positive till it trades above the reversal level of 5335. 
  • The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 5200 on weekly closing basis.
  • The intraday resistance levels for Nifty Futures are placed at 5700 & 5750 and support levels are placed at 5600 & 5550 respectively.

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