NIFTY FUTURES INTRADAY TREND ANALYSIS FOR 23rd JULY 2009

NIFTY FUTURES HAS CLOSED AT 4005

UPWARD VIEW OF NIFTY FUTURES

4409 IS THE TREND DECIDER FOR TODAYS INTRADAY SESSION.

BULLS WILL BE ACTIVE ABOVE 4409 ONLY.

ABOVE 4409 IMMEDIATE RESISTANCE IS PEGGED AT 4431 – 4457.

IN THE WEEKLY TREND REPORT, I HAD MENTIONED THAT THE 1st LEG OF RALLY WILL EXHAUST AT 4457.

"""""NIFTY FUTURES HAS CRACKED THE SAME 4457 LEVEL. THEREFORE THE MAJOR RESISTANCE FOR TODAY IS PLACED AT 4457"""""

TREND IS LIKELY TO REVERSE FROM 4457 AND FURTHER UPTREND CAN BE SEEN ABOVE 4457 ONLY.

SUSTAINING ABOVE 4457 WILL TAKE NIFTY FUTURES TO 4475 – 4499

4499 IS THE MAXIMUM FOR TODAYS INTRADAY TREND.

DOWNWARD VIEW OF NIFTY FUTURES

SINCE 4409 HAPPENS TO BE THE TREND DECIDER FOR TODAY, BULLS WILL HAVE TO HOLD NIFTY FUTURES ABOVE 4409.

UNABLE TO HOLD ABOVE 4409 WILL TAKE NIFTY FUTURES TO THE DAY LOW OF YESTERDAY THAT IS PLACED AT 4388.

A CRACK AT YESTERDAY'S DAY LOW OF 4388 & NIFTY FUTURES CAN SLIDE DOWN TO 4360 – 4331

1st BOUNCE BACK REGION OF NIFTY FUTURES IS PLACED AT 4331.

CRACK AT 4331 WILL TAKE NIFTY FUTURE TO ITS IMMEDIATE MAJOR SUPPORT AT 4315.

"""""4315 IS A MAJOR SUPPORT AND IT COINCIDES WITH THE 50 DMA ON THE DAILY CHART"""""

A BREACH OF 4315 AND NIFTY FUTURES WILL SLIDE DOWN TO 4300 – 4275.

NIFTY FUTURES AT ANY COST SHOULD NOT CLOSE BELOW THE 4315 MARK.

NIFTY FUTURES WILL BECOME MORE BEARISH IF IT GIVES A CLOSE BELOW ITS 50 DMA THAT IS PLACED AT 4315.