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Thursday, June 3, 2010

Nifty Futures technical view

# Nifty Future closed 70 points higher at 5014 than its previous close of 4944.
# Nifty Futures was able to retain 50% retracement level support of 4930 as the bottom was seen at 4933 and
turned upwards.
# Nifty Futures tested initial resistance of 5020 and expected to move towards the earlier high of 5070.
# The important Timing Cycle Day on 2nd June is expected to form higher bottom at 4833 in
comparison with earlier bottom of 4786.
# Once, Nifty Futures surpasses 5100 level on closing basis, it is expected to test crucial resistance level
of 5200.
# The stop loss for positional buying in Nifty Futures is placed at 4930 level.
# The RSI on 60-minutes intraday chart of Nifty Futures is turned upwards and indicating uptrend
# The intermediate or primary trend reversal is placed at 4650 on closing basis.
# The breadth of the market has turned positive as out of 1349 stocks traded in NSE, 868 stocks advanced,
462 stocks declined, where as 19 stocks remained unchanged.
# Among the sectoral indices, all the sector indices closed in green where as more buying was witnessed in
Technology (Telecom), Auto, Realty and Capital Goods sector stocks.

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