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Nifty testing strong support at 200 DMA – 5615

This article was posted on Jan 27, 2011 and is filed under Market News

Nifty has been finding strong support at 200dma this entire month and has managed to bounce back from here time and again. If Nifty manages to close below this important support level of 5615 for couple of days, we could expect further downside in markets. Possibly upto 5500. On the upside has strong resistance near 5750 levels. A close above this could take nifty higher 5850-5900 levels. Below is the nifty chart for reference



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