Sensex & Nifty: March 2013

Tuesday, March 26, 2013

Nifty Futures closed at 5645 which is 23 points lower than its previous close of 5668.
Nifty Futures opened 32 points higher at 5700 but was not able to move above 5720 and day’s low was seen at 5634.
The zone of 5600 – 5550 is a support zone for Nifty Futures where current downtrend may be halted.
The expected bounce back will face strong resistance between 5750 & 5800.
But if Nifty Futures is unable to sustain 5550 on closing basis then intermediate trend reversal will be seen with a sharp sell off in the market.
The immediate important levels to watch for Nifty Futures are 5720 as resistance and 5600 as a support.
Next timing cycle day is placed on 26^th March which will help to confirm trend direction.
As long as Nifty trades below 6000, the current intermediate trend will be in downward direction.
The intraday resistance levels for Nifty are placed at 5720 & 5770 where as the intraday support levels are placed at 5600 & 5550 respectively.

Nifty Futures closed at 5752 which is 43 points lower than its previous close of 5851.
Nifty Futures lost 134 points in intraday from the high of 5870 and the bottom was seen at 5737.
The closing below 5800 in Nifty Futures is making it vulnerable for continuation of the current downtrend.
Nifty Futures is likely test the immediate bottom of 5680 and any gap down fall below this level is a strong bearish signal on the chart.
At the same time, if Nifty Futures holds 5650 then a counter trend may be seen up to 5900.
The immediate resistance for Nifty Futures is placed near 5800 where again selling pressure may be seen.
Next timing cycle day is placed on 25^th / 26^th March which will help to confirm trend direction.
As long as Nifty trades below 6000, the current intermediate trend will be in downward direction.
The intraday resistance levels for Nifty are placed at 5790 & 5830 where as the intraday support levels are placed at 5700 & 5650 respectively.

Nifty Futures closed at 5897 which is 43 points lower than its previous close of 5940.
After a sharp rally of around 150 points in previous day, Nifty Futures exhibited range bound movement on last day of the week.
Nifty Futures unable to breach breakout level of 5990 and reacted downwards from the intraday high of 5967.
The zone of 5900 – 5870 provided strong support to Nifty Futures in intraday and the closing was seen near 5900 levels.
Now, Nifty Futures may show sideways movement in the range between 5800 & 6000 for some time and the breach of either of these levels could predict the trend direction.
A negative weekly close is seen on weekly chart where Nifty Futures have lost 71 points on week on week basis.
As long as Nifty trades below 6000, the current intermediate trend will be in downward direction.
The intraday resistance levels for Nifty are placed at 5940 & 5990 where as the intraday support levels are placed at 5840 & 5800 respectively.

Nifty Futures closed at 5868 which is 69 points lower than its previous close of 5937.
After opening at 5862, a sharp fall was seen in Nifty Futures where it tested the bottom of 5805.
Without breaching the crucial support level of 5790, Nifty Futures exhibited a strong pull back of around 150 points from the bottom of 5805 up to 5950 levels.
This pullback was accompanied with very high volumes suggesting strong grip of bulls on Nifty Futures.
Now, the upward breakout level is placed at 5990 above which Nifty Futures may try to jump up to 6050 & 6100 levels respectively.
The previous weekly close of Nifty Futures was seen at 5968 and current weekly close above this level may enhance further up-move in coming weeks.
On the downside, 5900 – 5870 will act as strong support zone if any intraday correction is seen.
Nifty Futures needs to maintain current bottom of 5800 to continue this current corrective uptrend.
As long as Nifty trades below 6000, the current intermediate trend will be in downward direction.
The intraday resistance levels for Nifty are placed at 5990 & 6020 where as the intraday support levels are placed at 5910 & 5880 respectively.

Nifty Futures closed at 5868 which is 69 points lower than its previous close of 5937.
Nifty Futures opened with 27 points downward price gap at important support level of 5910 and sharp fall was triggered to form intraday bottom at 5858.
Now, the immediate support zone is placed at 5850 – 5830 which is also 50% retracement level of entire rally seen after the budget session.
The 100 Days moving average is also located in this range of 5850 – 5830 making it as strong support.
On the higher side, 5880 – 5890 will be the initial resistance above which Nifty Futures may try to test 5920 mark.
The 62% retracement level of 5790 would act as crucial, if breached, the current rally would fail and Nifty Futures may show more 100 points fall up to 5690 thereafter.
For continuing the uptrend, Nifty Futures should show bounce from 5850 – 5830 zone and breach 5950 level decisively.
As long as Nifty trades below 6000, the current intermediate trend will be in downward direction.
The intraday resistance levels for Nifty are placed at 5890 & 5920 where as the intraday support levels are placed at 5840 & 5810 respectively.