- Nifty Futures closed at 5568 which is 33 points higher than its previous close of 5535.
- Nifty Futures opened with 25 points downward price gap at 5510 and moved upwards to form intraday high at 5601.
- Near 5600, again profit booking was seen which dragged Nifty Futures 40 points lower to close near 5560.
- Nifty Futures needs to surpass intermediate resistance of 5620 to continue the bounce back for a target of 5700 – 5750.
- On the downside, 5500 – 5450 is strong support zone which will try to arrest if any slide in Nifty Futures is seen. .
- Breakdown of 5450 will create panic selling in the market with targets of 5370 and 5280.
- We recommend to avoid trading long positions as the intermediate trend is still in downward 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 5600 & 5650 where as the intraday support levels are placed at 5510 & 5480 respectively.
Monday, April 15, 2013
16th April: Nifty Futures refusing to surpass 5600
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