18 March 2013


Nifty noticed a lack luster movement today. Nifty was down 36.20 points to 5,836.40. The index hit a low of 5,814 in intraday trade. The index hit a high of 5,842 in intraday trade. The index is at a crucial intersection between the bulls and the bears. Bulls have a ready job at hand they must be able to defend the zone between 5860 and 5780 throughout the week failing which they risk allowing the market to slip into the bears’ grip at least for some time. .....
Immediately, for the day, the range between 5820 and 5840 is the range that the bulls should take out to push the Nifty higher to say above the 5900-mark. On the other hand, a sustained fall below 5820 would be a red-flag event indicating we are getting into troubled waters and the level of 5780 might well get tested sooner than later.

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RESISTANCE:5840 5880, 5900
SUPPORT:     5830, 5810, 5800

1 comment:

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