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Mtechtips NIFTY FUT intraday trading analysis 31-8-2012
Nifty spot today closed at 5315 with gains of 27 points or 0.52% gains.as expected opened into red and hit low of 5255.5250 was small support area from that point technical short covering triggered in market while big traders also covered there swing shorts at end of expiry.
for tomorrow, intraday momentum still bearish but technical bounce back is going on.for tomorrow 5375 and 5455 are resistance levels while intraday supports are now 5290 and 5215.
from positional basis,5315 is now monthly average and above that 5340 is weekly average on downside 5240 is 3 month level support.
intraday traders stay long for bounce
back with stoploss below 5290 spot
and expect targets of 5340 and 5375 in intraday
if slip below sit on short side for target 5210-5185
while swing traders hold shorts with
closing basis stoploss above5340 for targets 5210.
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