5 February 2013


Nifty was down 28 points  5,959 . The index hit low of 5,946 in intraday trade. The index hit a high of 5,970  in intraday trade.The short term downtrend is quite clearly established, the index is headed for a test of the key support zone around the 5950-mark....
Its major support zone is located between 5950 and 5930 there is every likelihood of the Nifty testing this support zone tomorrow. On the way up, in the event of any recovery, we need to see if the Nifty manages to get past the levels between 6000 and 6010. Unless this is crossed, the weakness would continue and we should expect selling to resurface with renewed vigor at any point of time. The bulls would be getting some control back only if they manage to take the nifty beyond 6020 and close it there.

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RESISTANCE:6000 6030, 6080
SUPPORT       :5990, 5950, 5920

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