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Nifty has resistance at 2810-2850: Nirmal Bang

Posted on: February 19th, 2009 and is filed under Brokerage Recommendations.

According to Nirmal Bang’s report, on the higher side 2810- 2850 will act as a strong resistance zone.

Nirmal Bang’s report:

The outlook is pessimistic as the bulls are finding it difficult to sustain at higher levels. In the coming day’s it’s very important for the spot nifty to hold (2730-2690) on the closing basis, if we trade below these levels then 2610-2490 could be the lower levels. And on the higher side 2810- 2850 will act as a strong resistance zone. This downward trend could turn positive only if nifty maintains above the 50-day Moving Average of 2880 with strong volumes.

The NSE BANK NIFTY FUT (4060) – The bank nifty has corrected sharply in three trading sessions and has lost more than 11% in a very short period. The trend is weak, but going forward our sense is that it is near to its major support area of (3900-3880) from where we have witnessed a significant rally taking place. The Oct low is 3771. If these important levels are breached then the extreme could be 3450. On the higher side if 4350 is taken out then a decent rally could be seen in banking stocks. Trade according to the levels mentioned. The bank stocks could be the major trend maker in coming days.

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