Nifty Futures Intraday Levels for Next week (Monday 21 Feb 2011 )

The market snapped five days winning streak the benchmark indices closed into red. The S&P CNX NIFTY surrendered 87.50 points and it closed above the major support level of 5450.The Indian VIX which is currently at 24.18 and it was up by 1.61 points or 7.13 %. It indicates that the market will continue to volatile in the short term.

NIFTY Futures closed at 5453.65, down by 92.65 points or 1.67 %. It is looking bearish in the coming trading session if it manages to break the support level of 5400 else above 5550 it would be in a bullish trend.

RESISTANCE: It has first resistance close to the level of 5550 & above this level the next resistance is seen near the 5590 mark.

SUPPORT: It has first support close to the level of 5400 & below this level the next support is seen near 5340 mark.

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Nifty and Bank Nifty For Next week (21st-25th Feb)

Nifty Weekly Outlook-

Last week the Nifty Index ended with gains of 2.80% at 5458.95. On the derivatives front we have seen that the Nifty Futures prices slipped along with an overall addition of open interest and decline in the cost of carry, this is an indication of some shorts being built in it at higher levels. For the coming week, Resistance for Nifty is seen at 5600/5750 whereas on the downside immediate Support for the Index is seen at 5400-5367 levels, below these levels the next support is seen at 5340/5277 levels.

Bank Nifty Weekly Outlook -

 Last week the Bank Nifty Index showed a smart pullback from its 10000 levels and ended with gains of 4.80% at 10949.70. On the derivatives front we have seen that the Bank Nifty Futures prices have ended with gains along with an overall addition of open interest and decline in the cost of carry, this is an indication of some shorts being built at higher levels. For the coming week, immediate Resistance for Bank Nifty is seen at 11257 levels, above this level the next resistance is seen at 11547/11890 whereas on the downside support for the Index is seen near 10373 levels.

 

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