Sunday, July 15, 2012

Nifty levels for week ending 22 July 12

Last week it was posted "Possible weekly range of Nifty spot for the
week  ending 15 July may be 5250 -5350 which may be extended to 5428
in upper side and seeing  good support at 5200...." at
and in actuals nifty’s  low was seen at 5216  high at 5348  and
finally week’s close at 5227.

Now for week ending 22 July 12, we predict that the possible range
might be 5185 to 5304  with good volatility ...
We observed this resistance levels (5304) way back on July 1st that
5304 would be a strong resistance to watch out for and the market
unfolded as expected falling back after touching 5348.
Strong resistance is seen at 5350 and if 5200 breaks then nifty spot
might roll down to 5097-5092 levels.
In summary, we see a strong resistance at 5348 and current  support at
20 day moving average which is at 5215 for spot level.


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