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Nifty moving in a tight range of 5450-5600. Could break on either of the sides

This article was posted on May 14, 2011 and is filed under Market News

As seen in the image below nifty has been trading in a range of 5450-5600 for quite some time. 5600 levels with was previously a good support level, is now acting as strong resistance and nifty has seen selling pressure from this level in last 3 tries. If nifty does manage to close above 5600, it could head higher upto 5750.

On the downside, nifty is getting good support at 5450 levels. A break below this could take nifty lower to 5320-5350 levels.

Click on the chart below to enlarge.



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