This chart was posted while discussing the longer term state of the market on the day of 19Th July, 2009, in the post called "A longer term take on nifty". And today we are on the verge of breaking the hurdle of 4730. As discussed Nifty above 4730/40 zone can target 5220-5500 in coming days. Posting the chart below here....
We may also experience stiff resistances going forward, but strategy should be remain short for at most 1-2 days, and buy on every dips. Though intra basis views can and will alter with the change in price movement.
Supports: 4677/75 is very crucial from short term perspective, holding that closing basis can show much higher levels. Below 4675 , 4634-4590 is possible again.
Resistances: 4769/80 is key on upside. Though it's bullish bit time but an an intra correction can take place if that's not crossed very convincingly. Above that 4814-4840/50 can be the next targets for Nifty.
We may also experience stiff resistances going forward, but strategy should be remain short for at most 1-2 days, and buy on every dips. Though intra basis views can and will alter with the change in price movement.
Supports: 4677/75 is very crucial from short term perspective, holding that closing basis can show much higher levels. Below 4675 , 4634-4590 is possible again.
Resistances: 4769/80 is key on upside. Though it's bullish bit time but an an intra correction can take place if that's not crossed very convincingly. Above that 4814-4840/50 can be the next targets for Nifty.
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