Bulls snatched one more day from the Bears. Bears tried harder in the opening and the mid session, to pull down the makets down. but just could not succed in doing that. It was like, bulls took the control and stocks went flaring high and high. There were trading opportunity in the midcap stocks. Some of them rallied around 40% like Everon. Educomp was up around 14%. Forntline stocks helped the Indices to make a high of 8955 in Sensex and in Nifty 2776. We can clearly see that the Nifty have taken support at the marked trendline. The support which are marked by No.1 & 2, acted as a good support. Long term trendline from the low of 2550 seems to be very strong. In recent times, Nifty did trey to cross the 2550 mark, but never closed below the same. The No. 2 indicates the Nifty faces resistance at the upper trendline. Before that also Nifty faced resistance at the same trendline in the month of November. Nifty closed at 2524 on 27 Oct 2008 after making a low of 2252. So 2524 is a very good support that is marked with the No. 4. And finally No.5 is todays close that is well above the trendline and again back in the Traingle pattern. The long term Traingle pattern was broken on 02 March 2009 and the Nifty sinked down to 2539 levels. On last Thursday the Nifty took support at 2525 levels and bounced back smartly on Friday and Monday.
No comments:
Post a Comment