Nifty analysis for 16.08.2012

As discussed in last day's analysis that breakout situation has happened, Nifty on 14.08.2012 broke out of stiff resistances namely 5365-85-5400 and now all the eyes are on 5430-50, successful breach above those levels guarantees 5500-50 and may be even more.

 

Nifty future on 14.08.2012 closed around 5406 level after making high around 5415 level. Nifty's closing is strictly in accordance of technical analysis as it closed exactly at the level where there are two recent tops of march and April as i had shown in the Nifty's chart.

See nifty closed exactly at that point facing resistance.

Now what one can expect from this level

Now if nifty future is abe t sustain above 5415 level, it will shoot up to 5450-80 levels in mins only,

or it may consolidate first in the range of 5365-5430 before giving next move.

Now levels are:

For very short term :

Support  at: 5400-5385-5365-5350

Resistance at : 5430-5450-5480-5500

For medium term : 

Support : 5365-5320-5290

Resistance : 5450-5480-5500-5530

NOTE: Exide on last day kissed 134, I myself booked in future. But it is likely to fire more, those who want to hold can hold it for targets of 140.Last day has seen very high open interest addition. Remember we spotted it 1 week earlier to the whole world.That's how you make money.

* Also hold federal bank with stop loss at 424, it is likely to fire towards 440 anytime.

 * SBI looks weak only, will have to see today's closing, if today's closing is not good, weekly charts will confirm downtrend and hence our profit will maximize.

 

 

RANVIR SINGH