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Nifty – Technical View – Likely to move in the 5250-5850 range in near term
This article was posted on Jan 31, 2011 and is filed under Market News
Looking at the Nifty chart below, it seems Nifty is likely to trade in the 5250-5850 range in near term. Considering the recent fall we can expect a small bounce, possibly up to 5620 levels. On the downside, 5350-5400 levels are likely in coming days. For now Nifty will face strong resistance at its 200 DMA which is at 5620.
Looking at the recent data, currently it is a sell on rise market There are quite a few worries markets are facing as of today. Situation in Egypt is of a big concern. Rising inflation, recent scam’s and fear of another rate hike in March.
nifty1
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