Nifty Analysis for 22.08.2012

First have a look at what I have written yesterday.

"Now from here on,watch 5390-95  carefully above this levels get ready again for retest of 5422 and real power will come after crossing 5429-33 levels strongly, then 5450-80 in minutes only."

"On downside keep an eye on 5375-5350 carefully, breach of above said levels will take nifty future to 5330-5290."

and

Nifty future made a high of 5447

and low of 5373

and finally closed at 5443

 

as told nifty future first kissed 5418-20 level, then after crossing 5429-33, it kissed 5447 in no time.

 

On the downside it never breached 5375-50 range.

 

So if you trade according to levels, only then you can churn currency.

 

NOW WHAT NEXT

 

For very short term :

Support  at: 5390-5375-5355

Resistance at : 5480-5500-5530

For medium term : 

Support : 5350-5320-5290

Resistance : 5500-5530-5550

 NOTE: Yesterday stopped out in ACC.It took good support at 1320 as described and reversed and i stuck to stop loss.