Nifty Analysis for 31.08.2012

Yesterday i wrote

" 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."

 

Today Nifty future

made a high of 5319

and low of 5258

and finally closed at 5315

 

Once again levels doing wonders, as told if had bought at 5260-70 with sl at 5240, imagine money.....

 

Now what for tomorrow

 Now for September series future keep an eye on 5331, above this level nifty fut will kiss 5450-65 in mins and above that if sustains will kiss 5385-5400 also.

On downside keep a close eye on 5307-5300 breach of these levels will take it to 5290-75-50-20.

At the time of writing this post world markets are trading deep in red, if this downtrend continues till their closing then we may see 5290-75 on downside in nifty fut tomorrow.But if FIIs continue their buying spree as of today then markets may inch higher irrespective of everything.For that we will have to see tomorrow's opening.

 

 For near term also keep in mind the announcements from FED meeting and our GDP data which may influence the market in big way.

 

 

 

Now Levels are: 

For very short term :

Support  at: 5292-5270-45

Resistance at : 5329-5350

For medium term : 

Support : 5245-5220-5200-5175

Resistance : 5385-5400-5430-5485