Monday, July 20, 2009

VIEW FOR 20-07-2009

This chart was posted on 16Th of July, where the significance of 4350 was discussed. It never fell from 4350 but while going above that level, it came down from 4384 to retest it by touching 4345. Now clearly the momentum is up as it's well above 4330/50 zone and 4510/20 is well in reach. But for intra day,

A corrective as well as impulse count on two different degree chart is indicating towards 4430. So for intraday 4430 may show some resistance (previously posted closing chart was exhibiting 4421 level as resistance).

Supports: There are number of supports lying for nifty for the coming session: 4275 can be crucial place to watch out for, sustaining that Nifty can show our intermediate target 4340. Below 4275/69 Nifty will be weakish of intra day and can target 4245 and 4320.
Resistances: 4430 can be somehow crucial. Above that 4465 and 4517/4529 is a big level as discussed number of times earlier.
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