11 February 2013


Key benchmark index edged lower after hawkish comments on inflation from Reserve Bank of India Governor D. Subbarao . Nifty was down 6.40 points to 5,897.10, as per provisional figures. The index hit low of 5,879 in intraday trade, its lowest level since 27 December 2012. The index hit a high of 5,924 in intraday trade. equity benchmarks closed yet another listless trade on a flat note. With nifty  falling breaking the 5900 for the first time in the 2013, market is getting into a zone of sell-on-rise rather than buying-on-dips.....
On the weekly chart, the reversal signal is quite clear. It shows that the corrective downswing is gathering strength. Unless we see a recovery that takes the Nifty beyond the critical supply zone for the day—between 5920 and 5940, a sustainable recovery is unlikely better still if in the next couple of days we see the Nifty getting past 5985-level as well. While there are indications to suggest that bears have started witnessing some buying demand which is absorbing part of the sales they press, it is not yet showing signs that there could be a bullish counterattack immediately .On the way down, first support below the 5900-mark would between 5880 and 5860.
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RESISTANCE:5920 5950, 5980
SUPPORT      5890, 5850, 5820

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