Nifty analysis as per eod and weekly chart 19 Aug 13

As per daily and weekly nifty chart analysis we are reaching at the view that Gap down opening is expected …5450 is strong support if broken with volumes next support is lying at 5340 50…if supported at 5450 and reversed its direction in that case market will move towards 5750  6100 …both possibilities are  there as on the basis of only 1 large candle we can not assume that trend is bearish . Though it is true that below 5500 nifty is weak but pull back in same manner can not be ruled out . So best way is spot the trend /wave and ride on it do not carry loosing position on expectations / emotions .Read more at  http://clientsviews.blogspot.in/2013/08/chat-history-upto-9-pm-13-aug-13.html

Gap is there and pivot is also there so after gap down opening both gap filling is possible if this gap wont filled soon 5450 5500  level will start working as very strong resistance and market may trade even below 5350  5000  4700.

Trade in Nifty futures as per these levels

Buy at / above: 5476   Targets: 5491 – 5510 – 5528 – 5547
Stoploss : 5457
Sell at / below: 5457   Targets: 5441 – 5423 – 5404 – 5386
Stoploss : 5476

 

weekly chart is showing that  5350 is very gud support for nifty ..

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Nifty analysis as per eod and weekly chart 19 Aug 13