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India Equity Research Reports, IPO and Stock News
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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Watch Nifty
Ø Nifty closed above the important psychological level of 5200 on weekly basis and this indicates buying momentum. The next crucial resistance for NIFTY is seen at 5240 and 5290 levels. On the downside, the support would be at 5160/5130 levels for intraday.
Ø Traders are advised to trade cautiously as almost all the technical indicators are in an overbought zone. So profit booking can be expected at any time. The ceiling of the downward price channel formed on weekly chart at 5290 will act as a strong short term hurdle and move above this level is needed before traders can initiate fresh long positions. Failure to move above this level will keep the index moving in the band between 4900 and 5,300.
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