nifty future targets for jun 2013
nifty spot index last closed at 5919 with loss while nifty jun future closed at 5936 with 17 points premium.on daily chart nifty trading below 3 month average so bearish trend while indicators already in sell signal so momentum also in favors of sellers.
on upside 5925 was 3 month average while 6025 was month and week average resistance levels.on downside 5820-5750 and 5500 are support level of last major bottoms on daily chart.so short term trend and momentum is bearish for nifty and strategy remain sell on rise.
for month of jun 2013,nifty spot below 6045 remain bearish and sell on rise.on downside traders can expect targets at 5855 as first target while below that 5725 is second target.these are spot rates for future must adjust with premium/discounts.
if closed above 6045 and hold for 1 session then must exit all short positions and take long view for targets 6175 and then possibly 6390.
on weekly and month chart also nifty showing corrective pattern from medium to long term view.