Friday, September 18, 2009

NIFTY VIEW FOR 18-09-2009

5010 was enough self explanatory level given & discussed for last 15 days, market sold off a bit from that level and could not manage above that. The volume of the fall from intra day perspective was not bad but on the higher side. As of now still hoping for some extension of the correction and then take a fresh view. There is no doubt still in uptrend, but some how experiencing one correction against it, and the main concern is on what degree this is happening, if you can remember 5010 was 5th target for an hourly and 15 minutes impulse. So two different impulse can bring two different price moves. though both will be related.


Supports: 4947/44-4915, these two are most crucial, market can brake it, but as of now, there are some big bulls waiting to buy.  Below that It can get weak and can extend loss further towards 4865-4813-4775/55 zone.

Resistance: Initial resistance lies at 4998. Above that it can again approach 5010-5035 and decide the further move. Trade cautiously. Session can be volatile.

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