· Nifty Closed @ 4233, near to its immediate & important resistance of 4280. Now next resistance for the nifty will be 4280 than 4340.
· Technical indicators are showing further weakness on daily charts.
· Now, below 4180 Nifty can drop till 4120/4050 /3960/3910/3860 & only above 4150 it can move till 4280/4340 /4380/4440.
Nifty (Spot) closed above its Pivot of 4200. Nifty closed at 4233. In short term we advise one should be cautious. RSI & MACD indicating further bearishness in short term. Because of positive global cues market start on positive note. Bulls maintained nifty to close above 4200 mark. Finally it was a great victory of Bulls. We are expecting that the bulls will try to extend their presence in next session, but near to 4280-4340 bears will try to hold their presence in market. Last candle on the daily charts is MOROBOZU indicating some bullishness in next session. Nifty should take support of 4180/4120/4050/3960/3910/3860/3820 in near term & resistance of 4280/4340/4385.
We advice Bears should hold short position in Nifty (Spot Levels) near or above 4280-4320 with strict stop loss of 4350. Bulls or high risk trader can create long position in Nifty (Spot Levels) near or above 4200 levels with strict stop loss of 4170 (Bears can try short again & again on recommended price with strict SL).
Stock of the day: Essar Shipping, United Spirit & NMDC
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Today is August 13th 2010 what happened man after July 16th ????
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