Nifty Futures closed at 5283 which
is 9 points lower from its previous close of 5292.
Nifty Futures was not able to surpass previous trading days high of 5328 and fell down to form intraday low at 5272.
Nifty Futures is again approaching the earlier bottom of 5260 without showing any upward correction suggesting continuation of weak trend.
Closing or sustaining below 5260 is likely to push Nifty Futures towards its 200 days EMA at 5190 levels which is the next support.
For any bounce back the level of 5340 will provide resistance and above that the next resistance is placed at 5380 levels.
Nifty Futures needs to surpass 5420 on closing basis to come out of the clutches of bears.
The short term trend of Nifty Futures is positive till it trades above the reversal level of 5170.
The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 5000 on weekly closing basis.
The intraday resistance levels for Nifty Futures are placed at 5310 & 5340 and support levels are placed at 5260 & 5190 respectively.
The Breadth of the market was positive as out of 1562 stocks traded in NSE, 807stocks advanced,656 stocks declined and 99 stocks remained unchanged.
Among the sectoral indices, buying was seen in Capital Goods and Consumer Durables whereas selling was witnessed in Realty and Oil&gas sector stocks.
Nifty Futures was not able to surpass previous trading days high of 5328 and fell down to form intraday low at 5272.
Nifty Futures is again approaching the earlier bottom of 5260 without showing any upward correction suggesting continuation of weak trend.
Closing or sustaining below 5260 is likely to push Nifty Futures towards its 200 days EMA at 5190 levels which is the next support.
For any bounce back the level of 5340 will provide resistance and above that the next resistance is placed at 5380 levels.
Nifty Futures needs to surpass 5420 on closing basis to come out of the clutches of bears.
The short term trend of Nifty Futures is positive till it trades above the reversal level of 5170.
The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 5000 on weekly closing basis.
The intraday resistance levels for Nifty Futures are placed at 5310 & 5340 and support levels are placed at 5260 & 5190 respectively.
The Breadth of the market was positive as out of 1562 stocks traded in NSE, 807stocks advanced,656 stocks declined and 99 stocks remained unchanged.
Among the sectoral indices, buying was seen in Capital Goods and Consumer Durables whereas selling was witnessed in Realty and Oil&gas sector stocks.
No comments:
Post a Comment