As we have indicated
in previous post market took support at 4800.
Investors awaiting
divine intervention as they saw their wealth erode all through the month of May
finally had something to cheer for ,a positive news of monsoon helped index to
reach the level of 4850 today..
The Nifty was down 82.65 points to 4,848, its lowest closing level since 23
May 2012. The index hit a high of 4855 and a low of 4780.
For
intraday traders or even position traders such scenario could be very damaging
since it would trigger whole host of stop-losses and a chain reaction in prices
swinging wildly. Thus, the first thing is to trade light and
As we have noticed that after opening
lower index gained pace to end in green so we could say that index will find
support near 4850.If
the Nifty stays below 4800-bear pressure would be quite high and minor
rallies would be used by them to press short-sells be very watchful.
|
Resistance 1
|
4860
|
Support 1
|
4810
|
|
Resistance 2
|
4890
|
Support 2
|
4770
|
|
Resistance 3
|
4940
|
Support 3
|
4720
|
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