Nifty Analysis for 30.08.2012

Yesterday i wrote

" Now for tomorrow on the upside keep an eye on 5348-50, above this 5365-85 are possible and if sustains above that will kiss 5400-15-40 also.

On the downside watch 5325-20 carefully below that watch 5310-5300-5290 smoothly."

Today Nifty future

made a high of 5350

and low of 5292

and finally closed at 5295

So once again levels doing wonder in a way that nifty future's high was exactly my upper hurdle at 5348-50, not able to cross it and below 5325-20 kissed 5292, that too smoothly. I told that below these levels we will see 5310-5300-5290.

So once again bang on target by grace of almighty.

Now what for tomorrow

Now keep an eye on 5310-12 above which we will see 5330 and above 5330 if sustains for 10-15 mins will fire towards 5350-65.

On downside below 5285 if sustains then expect 5275-50, which i see as buying opportunity for short term, as market should give a bounce back now from these levels. 5240-30 are very good supports and should be taken as stop loss.

 Below is the daily chart:

Now Levels are: 

For very short term :

Support  at: 5290-5270-45

Resistance at : 5310-5329-5350

For medium term : 

Support : 5274-5255-5240

Resistance : 5350-5385-5400-5440-5480