Mtechtips NIFTY FUT intraday trading analysis 08-10-2012

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Mtechtips NIFTY FUT  intraday trading analysis 08-10-2012

Nifty spot today closed at 5746 with loss of 41 points or –0.70%.yesterday we suggested nifty intraday resistance
at 5825 and as target level also but today after touching 5815 high nifty slipped and made low of 4888 on freak trade.in intraday we given sell call as nifty slip below intraday support of 5795 for target 5710 and nifty achieved that target. 5710 is major support for nifty from intraday as well as medium term view. nifty respected that and closed above it with recovering some of the losses.as closed above 5710 still holding uptrend. for monday nifty intraday resistances are 5798 and 5884 and these will be target levels also on downside 5712 and 5630.trend is bullish but momentum is weak for intraday. while on end of day chart nifty still above weekly average of 5710 so trend is still bullish.

For intraday stay long with stoploss below 5705
for target of 5790-5800 while swing or positional
traders hold long positions with closing basis stoploss below 5680.