Nifty – Support and Resistance (6th August '10)
Nifty – Support and Resistance (6th August '10)
Nifty continued the upward rally today and made a high of 5480. Overall it was a highly volatile session. Technically market is looking well set to break the level of 5500 in near time. Decisive closing above 5500 may lead it towards the levels of 5600 to 5610 in near run. In the downside the intraday support seems to be around the levels of 5400 to 5405. Closing below this support range may make it slip till the lower levels of 5350 to 5355 in near run. For trading we already mention in our previous reports that every dip in nifty future is the buying opportunity until it close below 5350, the next targets in it seems to be at the level of 5500,5550 in near run.
Technical View on Sensex
Sensex reached close to the level of 18300, as we already mention in our previous report that it might face the next resistance in the zone of 18300 to 18350. Decisive closing above this resistance zone may head up it till the level of 18800 in near run. in the downside the immediate support for it seems to be in the levels of 18000 to 18025. After this it may get the next support close to the levels of 17820 to 17850.
Nifty continued the upward rally today and made a high of 5480. Overall it was a highly volatile session. Technically market is looking well set to break the level of 5500 in near time. Decisive closing above 5500 may lead it towards the levels of 5600 to 5610 in near run. In the downside the intraday support seems to be around the levels of 5400 to 5405. Closing below this support range may make it slip till the lower levels of 5350 to 5355 in near run. For trading we already mention in our previous reports that every dip in nifty future is the buying opportunity until it close below 5350, the next targets in it seems to be at the level of 5500,5550 in near run.
Technical View on Sensex
Sensex reached close to the level of 18300, as we already mention in our previous report that it might face the next resistance in the zone of 18300 to 18350. Decisive closing above this resistance zone may head up it till the level of 18800 in near run. in the downside the immediate support for it seems to be in the levels of 18000 to 18025. After this it may get the next support close to the levels of 17820 to 17850.
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