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Mtechtips NIFTY FUT intraday trading analysis 30-8-2012
Nifty spot today closed at 5287 with loss of 47 points or –0.88%.yesterday we suggested for technical bounce back upto 5377 and today nifty opened gap up opening and nifty hit high of 5345.but as rupee going weak and profit booking near expiry hit nifty. today small and midcaps selling continues and adding pressure on nifty!many stock hitting life time lows and new 52 weeks lows which shows shifting of money from big investors before upcoming weakness!!
from average side now on downside 3 month average 5235 and then 6/12 and 24 months averages meet at 5185 and that are support areas to watch.on daily chart indicators are weak but oversold!
for tomorrow,nifty intraday supports are 5215 and 5130 while intraday resistance levels are 5290 and 5375.on intraday basis nifty below 5375 will remain sell on rise.
“watch opening if opens below 5290 then
go short for targets of 5235 to 5205 while
positive opening may trigger buying and
short covering rally upto 5350-5375 ”
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