Thursday, September 17, 2009

NIFTY VIEW FOR 17-09-2009

The significance of 4920 was being felt quite hard to the bears. Nifty just couldn't break it while making newer higher later on the session. Quite a perfect day it was. Now while we look a bit deeper into Nifty, it's not looking that great for bears, needless to say, that's positionally. We discussed about the 5010/20 in last few posts (first time on 31st August :-D) above 4920, and it seems that its coming. Now take a look at something little different.

 And crossing 5035 convincingly, can bring 5100-5170-5220, discusses on 19th of July. 

Supports: 4920/15 is the most important with hands downs. Below that 4880-4860 important for the day, violation of which and show us 4790-4760/55 again.

Resistances: 4995-5010/35 Is the main level to watch out for. Will wish to book some long around those levels and will wait for the proper entry zone. Though sustaining above (volume is important) 5035 convincingly, can show us 5100-5170-5220 as discussed above.

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