Thursday, July 26, 2012

EOD Analysis For 26th July 2012 and Outlook For 27th July 2012

OI in Nifty futures pretty high today due to expiry and as expected, with 2 closes below 5169, Nifty went into retesting 5032-5092 band. Bulls must ensure that 5032 is retained on closing basis or else Nifty is near certain to take a steep cut of another 144 odd points. Also tomorrow being the weekly close, this level has more significance

Short covering can take Nifty upto 5169 but strength only after it closes above it for 2 consecutive sessions

Illustrative Charts for reference

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