Monday, December 10, 2012

11th Dec: Corrective trend may extend if Nifty Futures trades below 5920





  • Nifty Futures closed at 5942 which is just 3 points lower than its previous close of 5945.
  • Nifty Futures was not able to move above 5960 and formed the bottom of 5924 in intraday, thus indicating 5920 as a crucial support.
  • The breakdown of 5920 will result in extending the corrective trend and Nifty Futures may slide towards 5870 levels.
  • The zone of 5850 – 5800 is a strong support zone for Nifty Futures as multiple supports are seen.
  • The buying can be initiated in Nifty Futures between 5870 – 5820 with the stop loss of 5770 and target of 6100.
  • The timing cycle day is seen on 12th December where trend direction will be seen on daily chart.
  • The short term RSI on daily chart is in the overbought zone and suggesting caution for creating fresh long positions.
  • The intraday resistance levels for Nifty are placed at 5980 & 6020 where as the intraday support levels are placed at 5900 & 5850 respectively.  

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