LAST(21/01) NIFTY SPOT CLOSED ON LAST FRIDAY (21.01.2011) 5696 (-15 POINTS). THE HIGH AND LOW MADE ON THAT DAY WAS 5717 AND 5674. WEEKLY HIGH WAS 5907 AND WEEKLY LOW WAS 5624.
5-DAY RSI 36 AND 14-DAY RSI 38 INDICATES NIFTY IN BEARISH ZONE.
FOR TODAY:
BUY NIFTY FUTURE ABOVE 5711; TARGET 5755/5799; STOPLOSS 5688.
SELL NIFTY FUTURE BELOW 5688; TARGET 5666/5644; STOPLOSS 5711.
SELL NIFTY FUTURE BELOW 5688; TARGET 5666/5644; STOPLOSS 5711.
From a trading point of view traders are suggested to buy on dips until 5,625 levels breach for a target of Rs 5,800.
Nifty Future is highly volatile in last trading session and moving under tight range. It closed on a flat note today. If it manages 5755 level it could take a rally in near term. One should wait for proper break out in either side. Resistance for Nifty Future is at 5755/5860 and it has support at 5628/5565. Here traders and investors can start value buying for blue chips. In the daily charts Nifty future has made an inside day. So break above or below Friday's high or low may emerge as crucial trend decider for the market.
Bank Nifty was volatile in last trading session but closed in a positive note. One should still wait for break out in either side. If Bank Nifty manages to sustain at 11184 levels it can take up move from there. Resistance for Bank Nifty is at 10956/11185 and support is at 10775/10500 levels
RESISTANCE: It has first resistance close to the level of 10955 & above this level the next resistance is seen near the 11185 mark.
SUPPORT: It has first support close to the level of 10775 & below this level the next support is seen near 10500 marks.
