Saturday, November 17, 2012

19th Nov: Negative weekly close below 5600 is sign of worry



  • Nifty Futures closed at 5581 which is 68 points lower than its previous close of 5649.
  • Nifty Futures opened at 5664 and was trading between 5665 & 5635 but sharp selloff near the closing session pushed Nifty Futures lower.
  • The intraday low was registered at 5568 indicating strong selling pressure before weekend.
  • The weekly close was negative by 140 points in comparison with earlier weekly close suggesting beginning of downward momentum.
  • If the downtrend continues, then immediate support level is placed at 5550 and intermediate support level is seen at 5450.
  • The strong resistance for Nifty Futures is at 5700 on weekly basis and the upward reversal is placed at 5750 on closing basis.
  • The next timing cycle day is placed at 22nd / 23rd November for signaling the trend direction.
  • The intraday resistance levels for Nifty are placed at 5620 & 5660 where as the intraday support levels are placed at 5550 & 5500 respectively.  

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