- Nifty Futures closed at 5970 which is 63points lower than its previous close of 6033.
- Nifty Futures opened with 115 points downward price gap at 5918 which was the low of the day.
- Abrupt correction in Nifty Futures has halted the upward momentum and may test the level of 5900 in next few trading sessions.
- The level of 6000 to 6020 will provide strong resistance where again selling pressure may be seen in the market.
- Still the short term trend will remain in upward direction till Nifty Futures trades above 5800.
- The upward momentum will continue only if Nifty Futures closes above 6020.
- In next 2 – 3 trading sessions, the trend direction will be visible where the levels to watch are 5800 and 6000 on closing basis.
- As long as Nifty trades above 5700 on weekly closing basis, the current intermediate trend will be in upward direction.
- The intraday resistance levels for Nifty are placed at 5990 & 6020 where as the intraday support levels are placed 5940 & 5900 respectively.
Wednesday, July 17, 2013
17th July: Abrupt correction halts upward momentum of Nifty Futures
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