Saturday, March 16, 2013

18th March: Rangebound movement to continue in Nifty Futures





  • 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.  

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