MTECHTIPS
Mtechtips NIFTY FUT intraday trading analysis 31-10-2012
Nifty spot today closed at 5597 with loss of 68 points or –1.19%.today finally nifty given downside breakout after many days resilience.as we given in yesterdays post RBI taken same decision what we expecting from them.high inflation and rising NPA levels remain concern for India Inc.weakness in sbin,reliance and ICICI bank may take nifty to it major short term support of 5498. nifty weekly and monthly average now near to form bearish divergence. today nifty spot hit high of 5689 while low was 5589.total 100 points volatility seen today.on intraday chart nifty now given downside breakout and for tomorrow on downside supports are 5585 and 5498 while on upside 5670 will remain as strong resistance. on end of day chart,nifty closed near monthly average of 5596.if tomorrow closed below that then next major downside target will be 3 month level of 5430.on daily chart all nifty major indicators are in sell side.
For tomorrow watch 5596 as support if opens below that
then go short for target of 5498 but if hold it or opens gap up
the expect 5670 as target level.
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