Nifty Watch for today

Ø Nifty Future closed 93 points higher at 5097 than its previous close of 5004.
Ø Nifty Futures opened with upward price gap of 66 points at 5070 and touched the intermediate resistance level of
5100 forming high at 5109 in intraday.
Ø The upward momentum is expected to continue with resistance levels at 5160 and 5200.
Ø The 40-points price gap on daily chart between 5060 and 5020 is expected to act as strong support if intraday
correction is observed.
Ø The short term trend reversal level is placed at 5200 which is a crucial resistance.
Ø The stop loss for positional buying in Nifty Futures is placed at 4930 level.
Ø The high trading volumes in the uptrend are suggesting continuation of uptrend.
Ø The intermediate or primary trend reversal is placed at 4650 on closing basis.
Ø The breadth of the market has turned positive as out of 1356 stocks traded in NSE, 995 stocks advanced, 348 stocks
declined, where as 13 stocks remained unchanged.
Ø Among the sectoral indices, all the sector indices closed in green where as more buying was witnessed in Banking,
Technology (Telecom),Oil&Gas and IT sector stocks.

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