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Technical target of Nifty at 7400?

Posted on: August 2nd, 2014 at 1:00 am

Nifty has been witnessing selling pressure on rise recently.. Global markets too have not been helping much on the upside.. Technically seems nifty can test previous support of 7400-7430 once in near term. In the start of the month of June’14, Nifty gave a breakout above 7400 levels which took it higher to 7650-7700 levels. Recently, it again corrected to levels of 7400-7430 in mid July’14 and managed to bounce back from here.. Chances are nifty will again test strong support of 7400-7430 in near term. If it manages to break this support, could test 7150-7200 levels. If manages to hold onto these levels, can bounce back to 7600. Please refer to the chart below.

nifty_daily_02-08-2014

nifty_daily_02-08-2014

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3 Responses

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  1. ankush Says:
    August 2nd, 2014
    Posted at: 6:27 pm

    Hi all...

    Yes...I too think this lvl are coming....and yes I m waiting for that...I will accumulate quality stock (this could be another golden opportunity which we missed before elections Dec 13 to march 14)...few stocks like irb infra...sintex ind...tvs motors..pnb...many others. ..see wht levels they are now..

    All the best to all...happy trading. ..


  2. nserider Says:
    August 3rd, 2014
    Posted at: 1:17 pm

    Thanks cb


  3. CB Says:
    August 3rd, 2014
    Posted at: 10:58 pm

    Hi nserider, most welcome..

    Hi ankush, lets see how it goes.. all the best..


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