Sunday, July 26, 2009

VIEW FOR 27-07-2009

Last Friday was nothing but a clear choppy session with 4505-4580 in hand. Nifty did not break either side to give clear breakout, but lastly closed very near to our 4580 zone, after making high of 4589 with sustaining it. Now from price movement it seems a clear uptrend, but inability to cross 4580 now can cause little bit downside on nifty and then resumption of trend again may take place.....

EoD trendline placed @ 4430 and 4300 respectively. We can see the factorized charts on smaller time frame posted below.

Not able to cross 4580 and sustain above that can cause some selling where, 4532/40 can play a pivotal role. Below 4532/40 it can target 4430 as shown on the above chart and trendline chart also, and decide the further moves.

Support: 4532/40 is crucial and most likely to play a pivotal role. Below that 4502-4480-4431/29 is possible. 4430 is really a big place to watch out for. below that 4300 is most likely level where Nifty can find supports with a intermediate support at 4380.

Resistances: 4580/85 is key. Above that bulls will get more momentum to go towards 4619/25-4660/65 discussed earlier.
Bookmark and Share


Post a Comment