Friday, August 21, 2009

VIEW FOR 21-08-2009

4503 proved itself a valid breakout level for the coming days as well as 4440 on the downside. A perfect sideways session in a correcting phase (shown on yesterday's chart) it was last day. Nifty was perfectly stuck in between 4489-4455 (exactly as our discussed levels on yesterday's post). Gave sudden up move, again exactly up to 4504 (resistance given 4503) and fell sharply, making it a valid buy above zone in coming sessions.

Supports: If we open below 4465, days support will be at 4402 below 4440 and 4381 level. Trend line support is at 4290. Below 4380, 4330-4259/62-4210 possible.
Resistances: Open above 4465 can bring 4481 to play immediately. Above 4481, 4504 is possible again, above which nifty may continue to be bullish for the day up to 4539-4580/85 zone.

So if it opens above 4465, 4455-4481 should be a no trade zone.

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