NIFTY OUTLOOK (10th August, 2012)
SELL RECOMMENDATION ON HIGHER LEVELS: UNTILL NIFTY SPOT DOESN'T CROSS 5397
The NSE Nifty spot closed at 5331 down by only -0.1% in the closing after made a high of 5368. As yesterday's nifty outlook, it was said about selling pressure on higher levels which is still continue until Nifty spot doesn't close above 5397, a crucial level of trend line and indicated in given chart. If we analyze the lower indicators, MACD (12,26,9) is making fresh cut for moving upward whereas Stochastic (5,3,3) is making as it is zig-zag pattern which is still indicating upward potential. But due to trend line, price line and some index scrips are facing somewhere profit booking. Long in Nifty future is recommended only when the NSE Nifty spot close above the trend line resistance at 5397. Today's Nifty spot will face resistances at 5351/5397 with supports of 5311/5289. Intraday traders are advised to be wait and watch for first half and hour to trade safe.
Happy Trading!
Megha Investments & Research Team
