Quotes with Resistance & Support
Market Information

Nifty has support at 3440-3390: Nirmal Bang

Posted on: April 27th, 2009 and is filed under Brokerage Recommendations.

According to Nirmal Bang’s report, the immediate intraday support for nifty is at 3,440-3,390–3,365 and resistance area is at 3,515 for nifty future.

Nirmal Bang’s report:

The nifty closing is quite strong and if 3,510 is breached then more short covering will be witnessed and a fresh breakout could emerge. The nifty has rallied almost 18% in the April from the low of 2,965 to the high of 3,510 and this rally was very sharp without giving any correction. If we study the two month sharp bear market rally of 37% in Nifty which started from March’09 till today, we have seen that markets have formed a strong base foundation at every lower levels and rallied. But we haven’t witnessed a period of consolidation happening and our sense is that this consolidation will take place in May series after post election.

Nifty sustaining above its 200 day moving average is a big breakout and one should buy at dips and participate in this rally. The immediate intraday support for nifty is at 3,440-3,390–3,365 and resistance area is at 3,515 for nifty future.

Tags: , , ,

Similar Posts: