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NIFTY has for the umpteenth time failed to surpass the 5180 level. Technically speaking, 5180 is the so called supply zone.
Anyone who watched Friday's chart would have seen the powerful supply that came at 5180 level. Nifty fell 40 points in flat 4 minutes around 12:02. Nifty has been witnessing such powerful supply at this level for many days. Give these facts, one would tend to believe that the trend seems to be reversing and that correction is in store.
The point to note is that - if a correction had to happen, it would have happened a long time back. Remember, markets take time to climb up, but it takes no time for the markets to fall. Here, we are witnessing a good demand at lower levels. Given the fact that a lot of "supply" must be over with by now, markets will eventually head higher, at least till 5260 for the near term.
We should see markets around 5260 by the week itself. How things pan out from there is a different picture.
DISCLAIMER: opinion given on pure technical analysis. No funda-'mental' data/argument taken into consideration. Readers are encouraged to consult their Financial Advisor for their trading decision.
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Previously i had posted an article arguing as why the undertone in NIFTY remains bullish. Now, NIFTY seems to have turned bearish [yes, despite today's upmove]. NIFTY is most likely to move upto 5050 [20EMA level] and then reverse. Today's... |
Update : Yesterday [21-12-2009] NIFTY managed to close around 4950 level. Today [22-12-2009] with the way Asian markets are performing [1-2% +ve] looks like we the mentioned level of 4950 will hold and in fact we should see 5000+. |
NIFTY daily charts - Support seen at 4950. - Oversold indication. - Overall trend may or may not have been formed. Bullish undercurrent still intact. - Any dip to 4950 levels should be used to go LONG. - Chances of breaking 5180/5200 level... |