Thursday, July 4, 2013

4th July: Positional Target for Nifty Futures @ 5700




  • Nifty Futures closed at 5859 which is just 4 points lower than its previous close of 5863.
  • Nifty Futures opened with 43 points downward price gap and moved downwards to form intraday low at 5755.
  • The gap down structure of Nifty Futures on daily chart is indicating target of 5700 in coming days.
  • A price gap support and 50% retracement level is coinciding at 5700 hence this is positional target for current downtrend.
  •  Any bounce back is likely to face strong resistance near 5810 from where again sell off may be seen in the market.
  • In case of breach of 5700, next important support is placed at 5660 levels.
  • As per Elliot wave theory analysis, current downtrend is labeled as 5th wave which is a final fall and likely to form higher bottom near the earlier low of 5556.
  • As long as Nifty trades below 6000 on weekly closing basis, the current intermediate trend will be in downward direction.
  • The intraday resistance levels for Nifty are placed at 5800 & 5840 where as the intraday support levels are placed 5740 & 5700 respectively.


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