- Nifty Futures closed at 5670 which is 18 points higher from its previous close of 5652.
- Nifty Futures moved in a narrow range of 50 points throughout the day between 5695 and 5645 with lower trading volumes exhibiting lack luster day.
- The short term trend of Nifty Futures is still in the downward direction till it trades below the level of 5750.
- A convincing breach of 5630 will lead to sell off resulting in trading below 5600 with the target of 5550.
- A daily chart of Nifty Futures is showing ‘Falling Parallelogram’ structure with breakdown placed at 5630 .
- In case of Nifty Futures closes above 5750, short positions are recommended to square off as trend reversal may be seen.
- 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 5720 & 5750 and support levels are placed at 5630 & 5600 respectively.
Wednesday, October 17, 2012
18th Oct: Hold Short Positions with Stop Loss of 5750
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