Wednesday, December 19, 2012

20th December: Immediate Support for Nifty Futures at 5900



  • Nifty Futures closed at 5947 which is 18 points higher than its previous close of 5929.
  • Nifty Futures moved in just 25 points range testing 5960 keeping the hope of uptrend continuation.
  • Above 5960, the next target for Nifty Futures is placed at 6000.
  • If any corrective trend is seen, then the immediate support is placed at 5900 from where uptrend is likely to resume again.
  • Nifty Futures can be bought in the range of 5920 – 5900 with the stop loss of 5840 and initial target of 6000 levels.
  • The level of 5840 is a crucial support and can be treated as stop loss for all trading long positions.
  • As long as Nifty Futures trades above 5600, the current intermediate trend will be positive.
  • The intraday resistance levels for Nifty are placed at 5960 & 6000 whereas the intraday support levels are placed at 5910 & 5870 respectively.  

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