- Nifty Futures closed at 5740 without showing any loss or gain in comparison with its previous close of 5740.
- Nifty Futures traded above 5700 throughout the day and formed intraday low at 5711.
- Though Nifty Futures is maintaining above 5700, valid breakout level for Nifty Futures is placed at 5780 above which sustainable uptrend is expected.
- After this upward breakout, the immediate target is placed in the zone of 5900 – 5950.
- A 15 points Price gap is visible on daily chart between 5700 & 5685 which is likely to provide a support if any corrective trend is seen.
- Long positions can be added in Nifty Futures above 5780 with the revised stop loss of 5680 and target is between 5900 - 5950.
- Till Nifty Futures trades above 5600, the short term trend will remain in upward direction.
- The intraday resistance levels for Nifty are placed at 5780 & 5850 where as the intraday support levels are placed at 5720 & 5680 respectively.
Tuesday, November 6, 2012
6th November: Valid Breakout Level for Nifty Futures at 5780
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