Nifty Analysis for 17.08.2012

Today Nifty saw narrow range of trading.

Opened at 5408 with high of 5410 and low of 5376 closed at 5381.

5400 is acting as good resistance for nifty future and nifty is finding it difficult to sustain above

5400-10 , once it sustains above that expect 5430-50 in mins only.

STUCK

Now levels are :

For very short term :

Support  at: 5355-5335

Resistance at : 5400-5415-5430

For medium term : 

Support : 5320-5290

Resistance : 5450-5480-5500-5530

Note: Today federal bank achieved targets of 435-439. booked fully.

Initiated a buy call on PNB at 735-37 and a sell call on BAJAJAUTO fut at 1708.

Booked crude at 5304 from 5275.

 

RANVIR SINGH