Sunday, August 5, 2012

Nifty out look for week ending 10 Aug 12

last week it was predicted
" possible range for next week will be 5100- 5200 extended to 5304 .."
Daily chart is showing that large gaps above 5100 are still open and Nifty may try to fill them in coming week  so possibility of an upside rally can not be ruled out .
1 gap filled Nifty traded  between 5129-5246 and closed at 5216 ...
gap is still there between 5250 -5300  we are expecting that  bulls are ready to fill that also ...
Nifty is gud  above 5200 as it is having  excellent support at 5180 and facing stiff resistance at 5250 ...above 5250 it will see 5302  ...and if sustained above it then 5429 will resist  its up move ..
if 5199 will be broken ( which we are not expecting ) 5160  and 5097 are ready to support  it as per weekly chart .
current mood  - Bulls are taking control on situation 
buy at each swing low 
possible  range for week ending 10 Aug 12 .- 5230  >< 5350 
extended to 5199-5429
try to find out shape on Nifty futures hourly chart

Option writers are cautious ...
5500 calls - 5000 puts highest build ups are barrier for Aug series ..
next  is coming at 5100 - 5400- 5100 dominating
Tie is between 5200-5300
next week-end will clear its direction  .

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