Wednesday, April 28, 2010

NIFTY TRADING SYSTEM

Nifty Futures opened sharply lower today by 60 points @ 5252 in line with the negative cues from the US, Europe and Asian markets. It tried to break the 5250 mark in the early session but found minor buying support and rallied to test the resistance level @ 5280 in the process making an intraday high of 5277. Nifty futures sold off sharply in the last hour of the session to make in intraday low of 5198 and finally closing the volatile session @ 5224.

Nifty futures finally broke and closed below the major support of 5250 , making it vulnerable to more down side . The next important level to look for on the down side is @ 5150 and a break of this level will take Nifty Futures back to 5000 zone. On the up side now there is a minor resistance @ 5300 mark and there after the major resistance rests in at 5350 zone.

Our View on Nifty Futures is Bearish. The imortant levels to watch for is 5200 and thereafter @ 5150 mark on the downside and 5300 and thereafter 5350 level on the up side.

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