Friday, August 28, 2009

VIEW FOR 28-08-2009

Nifty took resistance @ 4710 (level discussed 4706), but found support immediately at 4663 (level given 4665). It got sticky sideways for last 3 days and could not cross 4700 convincingly, but on the other hand it's able to find support on each higher low. 4665 zone got more significant after today's support on the later half of the session.

Now please check this post where I discussed about the long term take on Nifty and asserted clearly, that 4550 would be most crucial for the time to come, and it's the time that all eyes are on that particular level. :) cheers!!

Supports: There are clusters of it. 4665/61 pivotal for the day, below that 4642-4612 possible and potential support zone. Below that 4585-4555-4510 possible. 4555-4510 more potential support zone.
Resistances: above 4712 nifty will target 4730 again and breaking that 4765-78 is very much possible.

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