Fri, Sep 03, 2010 11:06AM IST
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Rajesh Ganesh
Swinging in range and not moving either side..Will a breakout happen soon ?!
Posted 1 year, 2 months ago by Rajesh GaneshCategory: NSE & Nifty
Sentiment: Bearish
Analysis:
It was another day where NIFTY gave wild swings in both direction. A decisive trend is not getting established and the view remains the same with a bearish bias.
It is again prudent to wait for a breakout either side, now that the range has become tight, a breakout involves moving out of 4407 and 4250.
Below 4306, we can see some weakness to set in today.
Resistance levels : 4367, 4382, 4407
Support levels : 4306, 4283, 4251, 4222
what is 20 DMA for Nifty?
”market rallied today also beat the 20 DMA, so what is your call on Monday morning, will we see 4700 levels being taken out or one should have sold this evening before close?
”The 20 DMA is at 4398
”Yes, the close is more than the 20 DMA, that too after two failed attempts to cross that market has given a breakout. In any case, a close above 4450, the most crucial level that we have been discussing for more than 15 days, is required for the bullish trend to continue.
”Another important thing is that friday's close is so planned that, both bulls and bears have equal hope. Though there was a breakout, bears were still not threatened enough to cover their shorts and bulls are hopeful of the big up move. So from this stage it is going to be a great victory for either one of the party and 4450 level will decide the same.
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