Thursday, September 10, 2009

NIFTY VIEW FOR 10-09-2009

4830 really worked good for intra, made two highs for the day, respectively @ 4825 first and next 4831.
4842/50 as discussed earlier is still crucial for intraday. Above that Nifty can show little more power to move towards 4910/19 zone, which can be a real test for it. 

Supports: Nifty of course in a clear cut uptrend, but price is indicating towards cluster of long term resistances which can be real test for Nifty, So a prudent strategy would be buy on dips by showing enough respect to the uptrend, but booking intra day gains or booking near each resistance levels. Best support for longs stays around 4767 and then 4728 zone. Below 4728/20 zone market can extend its loss for few sessions to come.

Resistances: In stead of the uptrend, Nifty is experiencing a band of resistance zone lying near 4830-4850. It remains hurdle for the day. and crossing that nifty can head near discussed level of 4910/19.

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