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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Watch Nifty
Ø After three consolidation trading sessions, Nifty has successfully closed above the important psychological resistance level of 5400, suggesting that momentum and it can move towards 5490/5520 in near run. On the momentum indicators front, the 14 day RSI of NIFTY is in overbought zone and is sustaining from 71.34 to 75.50. This indicates NIFTY is becoming more strength on the upper side and one is advised to buy on every declines. On the downside, the support for NIFTY is seen at 5380/5340 levels.
Ø On weekly chart, NIFTY broken the downward price channel resistance level of 5290/5390 indicating that short term buying momentum. If NIFTY holds above 5400 and then 5550 is possible in near term. On the downside, the current uptrend is getting weaker only if NIFTY trades below 5190 levels.
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