Nifty futures tips for week september 10-15 2012

Nifty futures tips for week september 10-15 2012 : The Nifty opened the week on a subdued note and traded in a narrow range for the initial days. The Nifty recorded a low of 5215, before picking up strong momentum toward the end of the week.

The Nifty finally closed at 5358, after recording a high of 5366 level. Nifty has closed strongly by witnessing rising gap in Friday's session, which lead index to register weekly close above cluster of moving averages.

Currently the index is forming a rising wedge pattern on daily chart. In the near future index is likely to consolidate at higher levels. The index has an immediate resistance at 5400 followed by swing high of 5448 levels.

On the downside index has strong support in the range of 5310 -5275 levels.

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