Thursday, September 24, 2009

NIFTY VIEWS FOR 24-09-2009

Nifty made low of 4996 in the first session (support discussed yday was 4996), moved up, but never crossed the 5042 zone and fell convincingly and broke down the 4996 and reached next level of support of 4955 (low made 4951). i remember that I have spoken out about booking longs near these levels and really it's worked out well. Now as nifty has clearly started a correction 4943 again hold the key for Nifty, where lies the last higher pivot and BC=1.618*AB.

The 38.2RT of the entire 4790-5046 up move is lying @ 4949, so 4943 level is important for bulls to maintain the bullishness positionally. Below that 4920/15 is the another big zone for bulls from where Nifty can try for some recovery on intra. A convincing violation of 4910 can easily bring 4868-4839-4790/80 again.

Supports: As discussed 4942 is going to be a very big place. Below that 4920/15 can give some push for intra recovery, but a failure to do that can bring 4868-4839-4790/80.
Resistances: The strongest and main resistance lies @ 5023/25. So the s/l for positional shorts can be above 5025 technically. 4982-4996/98 are other important resistances.

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