5th Oct: Revised Stop Loss 5740 for Trading Long Positions

• Nifty Futures closed at 5826  which is  58 points higher from its previous close of 5768.
• Nifty Futures opened with 17 points upward price gap at 5785 and continued its uptrend to form intraday high at 5842.
• Nifty Futures has surpassed 5800 mark convincingly and the closing was seen much above this level showing strong grip of bulls.
• In the beginning of year 2012, we’ve seen 1097 points rally from the bottom of 4538 to high of 5635. 
• The equal distance of 1097 points in the current rally from the bottom of 4761 is showing the value of  5858 (1097 + 4761) which may act as important resistance.
• If Nifty Futures succeeds to cross 5858 mark then the immediate target would be 5900.
• The zone of 5790 - 5770 is expected to provide support if any intraday correction is seen.
• Trading long positions c an be held with the revised stop loss of 5740 below which corrective trend may begin.
•  The intermediate trend of Nifty Futures is in upward direction and the intermediate trend reversal level is 5200 on weekly closing basis.
• The intraday resistance levels for Nifty Futures are placed at 5880 & 5930 and support levels are placed at 5790 & 5750 respectively.