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NIFTY INTRADAY VIEW FOR 12-24-2009

4940 was like rock. Bears were blown away by the force displayed by the bulls. It was like there was no barrier. I personally shorted around 5050 as discussed, for intra gains, while the importance of 4940 was discussed numerous times from positional perspective. These are the times when we overlook underlying longer term sentiments and outcome for quick gain. In all aspect of life :)... here is how nifty right now.

Supports: Immediate support @ 5145/30. Below that 5085-5060 will be place to initiate longs.

Resistances: It is clearly showing indication to move higher. Once 5185 is crossed, immediate target will be 5230-5300-5335/50-5440.

And this way I am completing my 200th posts. I am yet to believe the fact. A mere intention of blogging has become a nature and indispensable part of my life. What more can I ask for? Thank you my fellow readers, my friends, my well wishers. Thank you for everything.

NIFTY INTRADAY VIEW FOR 12-23-2009

Finally we witnessed some bounce from 4940, well discussed support level. But the way intra day range is getting squeezed, the current state of market is strictly for advanced  and experienced traders.

Supports: 4965 is immediate where longs can be built on some weakness but strictly for intra trades with s/l below 4940. A sustained break below 4940 can certainly bring 4910-4890-4850-4820. As we are in the mid of down trend on shorter time frame, violation of 4820 can make it severely weak for positional/medium term.

Resistances: 5008. Above that 5025 is another big hurdle to cross. Nifty may not fallen so much but certainly created some tough overhead resistances while coming down. Above 5025, 5045-5065 will be on the cards, which are shorting zone as well.