Friday, July 24, 2009

VIEW FOR 24-07-2009

Nifty not only did manage to cross above 4435 but it crossed above the 4460, the main resistance discussed yesterday, and successfully tested and retested 4460 time and again to move up finally, by making low 4455. It crossed main hurdle like 4505 and closed exactly at our many times discussed level 4535. last time nifty did not sustain 4535 two days back, and today's close is relatively positive after a sell-off scenario on the day before.

So, as per the chart 4580/81 looks like a big zone for nifty, crossing that for the day can be a bullish thing. and moreover crossing 4480/1 zone, can make this level as day's pivot if it has to go up. It can target 4615-4660/70 zone if it does sustain 4480/81 after breaking it.

Main support for the will be @ 4530 zone, below that it can get bit weakish and target 4505-4490 zone. But momentum will be still up as long 4494/90 level is holding. So to sum up,

Supports: 4530, below that 4505-4494/90. momentum up as long 4494/90 is holding.
Resistances: 4580/81, a heavy volume breakout can cause further up move till 4615-4660/70.
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