Thursday, June 20, 2013

21st Jun: Immediate Target 5550 for Nifty Futures



  • Nifty Futures closed at 5648 which is 174 points lower than its previous close of 5823.
  • Nifty Futures opened with downward price gap of 73 points at 5750 which was the day’s high followed by strong selloff.
  • Now, as the Nifty Futures has breached the earlier bottom of 5692, and now heading towards 5550.
  • Nifty Futures lost 228 points in past 3 trading sessions with high trading volumes suggesting downward momentum to continue for sometime..
  • Now, the level of 5700 and above that 5750 will provide a strong resistance if any bounce back is seen.
  • As Nifty Futures is now trading below 200 – Days EMA, now the next crucial level is placed at 5500.
  • If any bounce back is seen near 5700, short selling can be initiated with the stop loss of 5760 and target of 5550.
  • As long as Nifty Futures trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.
  • The intraday resistance levels for Nifty Futures are placed at 5670 & 5700 where as the intraday support levels are placed 5600 & 5550 respectively.

No comments:

Post a Comment