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9am with Emkay |
17 January 2011 |
n Technical Comments
Weekly negative close
Nifty continued its slaughtering in today’s session too, due to which it breached the key supports – one of an internal trendline and second of a previous swing low. Also a close below 5700-mark, which was acting as a good support is unhealthy for the market. On the back of weekly negative close and downside breakout from the previous three days of trading range, we feel that Nifty can slide further upto its 200-daily simple moving average packed at 5600.
Bank Nifty:
Bank Nifty has broken the support of 200-DSMA and hence this fall can continue upto 9800 level, which is 78.6% retracement level of the recent rally from 8815 level.
n Results Today
Axis Bank | Essar Oil | IndusInd Bank | Larsen & Toubro | Power Fin.Corpn. | Rallis India |
Ruchi Soya Inds. | S B T | TCS | Zydus Wellness |
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