4 April 2013


The market moved lower in early trade. Nifty hit their lowest level in a week. Weakness continued on the bourses in morning trade.The market hovered near intraday low 5565 afternoon trade. The market extended losses to hit fresh intraday low in late trade. Nifty was down 98 points 5,574.The index hit a high of 5,644 in intraday trade....
If at all any recovery happens, the most important level to watch out for would be 5690 unless this level is decisively cleared by the bulls, the index is going to fall further.  Even if a recovery rally were to happen it won’t be of much significance so long as the above level is not firmly pierced. Thus, we would need to watch out any recovery swings or spikes and if they peter out before firmly taking out 5690  selling on this rally would be the best thing to do. By the way, if the Nifty trades for any significant length of time below 5670 then it would act as a major hurdle as well prior to even testing 5695.In case, you find the Nifty slipping below 5604 then expect support coming in around 5585-level. Once again time has come to project major support levels close to 5500-mark. 
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RESISTANCE:5690,5720, 5750
SUPPORT:     5680, 5620, 5600

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