Google+ Now Shorter term unfolds! ~ NIFTY DEMYSTIFIED

Tuesday, April 21, 2009

Now Shorter term unfolds!

Nifty could not get past the 3500 barrier convincingly, and made almost same high for 3 days consecutively. But technically that's not weak scenario rather it's symbolizing a state where bulls are getting tired. From the above picture the range 3269-3257 is clearly the biggest support zone for the Nifty in the coming few sessions. That means if the current uptrend needs to be continued 3257 will be the place for the bulls the to defend. So, a combination of a important support for fantastic short term uptrend @ 3255 zone and a crucial medium term resistance @ 3575 is indicating towards a 200 odd pts trading zone as long either of the two are taken out. For the coming session below 3322 it will weak and will head towards the given range 3269-3257 with another support lying in between 3291 (less important). So for the coming session:

Resistance: 3383/3413/3451
Support: 3348/3322/3291/3268-3257 (most important level to maintain the current trend)


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