Nifty Futures closed at 5253 which is 46 points lower from its previous close of 5299.
Nifty Futures breached the double bottom level of 5260 and formed intraday low at 5241.
The trend of Nifty Futures is seen deteriorating as it is not able to breach the initial resistance of 5330 in past 3 trading sessions.
Now if the downtrend continues, crucial support is placed at 5190 which is 200 days EMA and short term trend reversal will be confirmed below 5170.
Any upward movement is likely to face resistance near 5330 and above that next level to watch is at 5380 levels.
Fresh buying is not recommended till positive momentum along with the buying indication from oscillators is generated on the chart.
The short term trend of Nifty Futures is positive till it trades above the reversal level of 5170.
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 5290 & 5330 and support levels are placed at 5230 & 5190 respectively.
No comments:
Post a Comment