Key
benchmark indices eked out small gains on last trading session of the week as
the rupee edged higher against the dollar. Nifty future started at 8111
made a high of 8148 and low of 8096 and closed at 8140 total 52 points was
played by nifty future throughout the day.
The Nifty too managed to close well above the
8,130 mark last passed week.
Movement over the past week indicates that the index wants to forge ahead in the short term.
Immediate upward targets are 8,170, 8215 and 8,235. In other words, you need to be careful between 8,185 and 8,230.
Target beyond 8,230 is 8,250.
Supports for Monday will at 8,115 and 8090. Short-term traders can hold their long positions as long as the first support holds.
The medium-term trend is turning bullish with the move above 8,150. But the index needs to sustain above this level for some more time for us to confirm a breakout. Next medium-term target is 8,250-8300.
Investors need to worry about the medium term only on a decline below 8000.
More about intraday tips on Google +
RESISTANCE: 8150, 8200, 8250
SUPPORT: 8100, 8050, 8000
Movement over the past week indicates that the index wants to forge ahead in the short term.
Immediate upward targets are 8,170, 8215 and 8,235. In other words, you need to be careful between 8,185 and 8,230.
Target beyond 8,230 is 8,250.
Supports for Monday will at 8,115 and 8090. Short-term traders can hold their long positions as long as the first support holds.
The medium-term trend is turning bullish with the move above 8,150. But the index needs to sustain above this level for some more time for us to confirm a breakout. Next medium-term target is 8,250-8300.
Investors need to worry about the medium term only on a decline below 8000.
More about intraday tips on Google +
RESISTANCE: 8150, 8200, 8250
SUPPORT: 8100, 8050, 8000
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