MTECHTIPS
Mtechtips NIFTY FUT intraday trading analysis 29-10-2012
Nifty spot on friday closed at 5664 with loss of 41 points or 0.72%.once again gap down opening after touching levels above 5700.nifty on chart showing consolidation phase but these one day gap up and one day gap down opening making trading complicated.today nifty spot hit low of 5641 while high point was 5697. for monday nifty intraday resistance levels will be 5751 and 5835 while on downside 5660 and 5580 will be support levels.on chart trend and momentum both bearish but 5660 is major intraday support now and above this we suggest to stay on long side. on end of day chart,nifty closed below weekly average of 5680 and now nifty monthly average is 5595.now all basic indicators are on sell side.but nifty still not breached last low of 5635 so we suggest to hold long view for 5700-5730 again.
Nifty future
if nifty opens above 5660 then buy with stoploss below 5635
for target of 5700-5730 as range bound move
if closed above 5750 then expect sharp upside rally.
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