sharedhan
24th January 2009, 05:04 PM
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MARKET OUTLOOK (SHORT TERM): As of now Nifty is very delicately placed. Crucial support is around 2660. Break and close below 2660 will increase the selling pressure in the market. On the other hand close above 2750 for few consecutive days would negate the downtrend. So far the trading range of 2650 – 3150 is intact but it looks almost certain that it is going to break it in the short term.
Immediate support for nifty is at 2660, 2540 while resistance is around 2750, 2850.
MARKET OUTLOOK (MEDIUM TERM): The bear market that started in January 2008 is likely to end around late August 2009 – early October 2009. Strong support is around Nifty 2525-2540. If nifty breaks and closes below 2525-2540 then it could be heading towards 2285, 1895 levels in the short to medium term. We at sharedhan.com believe that Nifty 1600-1900 could be the bottom for this bear market.
[COLOR="Red"]Profitable Trading
MARKET OUTLOOK (SHORT TERM): As of now Nifty is very delicately placed. Crucial support is around 2660. Break and close below 2660 will increase the selling pressure in the market. On the other hand close above 2750 for few consecutive days would negate the downtrend. So far the trading range of 2650 – 3150 is intact but it looks almost certain that it is going to break it in the short term.
Immediate support for nifty is at 2660, 2540 while resistance is around 2750, 2850.
MARKET OUTLOOK (MEDIUM TERM): The bear market that started in January 2008 is likely to end around late August 2009 – early October 2009. Strong support is around Nifty 2525-2540. If nifty breaks and closes below 2525-2540 then it could be heading towards 2285, 1895 levels in the short to medium term. We at sharedhan.com believe that Nifty 1600-1900 could be the bottom for this bear market.
[COLOR="Red"]Profitable Trading