Wednesday, September 5, 2012

Nifty Futures exhibiting earlier indication of double bottom near 5260.



Nifty Futures closed at 5299 which is 16 points higher from its previous close of 5283.
Nifty Futures formed intraday low at 5258 and moved upwards to close near 5300 levels.
Nifty Futures earlier bottom is also seen at 5258 before 3 days thus showing a probability of double bottom formation at 5260.
The bounce back in Nifty Futures needs to surpass 5330 and in this scenario the 62% retracement is placed at 5380 which is strong resistance.
In case of breakdown of 5250 sharp sell off may be seen till 200 days EMA placed at 5200 level.
The short term RSI on daily chart is entering oversold zone but yet to generate buy signal.
 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 5330 & 5380 and support levels are placed at 5260 & 5200 respectively.

No comments:

Post a Comment