Quotes with Resistance & Support
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Strong support for Nifty at 5200-5250. Below this market trend would change from uptrend to dowtrend in near term
This article was posted on Feb 9, 2011 and is filed under Market News
As the below chart indicates, strong support for Nifty comes in at 5200-5250 levels. If Nifty manages to hold onto these levels, we could see a bounce back upto 5400-5450 levels. On the downside, if Nifty manages to close below 5200 and trade below it for 2-4 days, then the uptrend markets have seen in last 2 years, would now come to an end and the overall trend in markets would change negative (downtrend).
Technically markets are oversold. There is a possibility we see a bounce upto 5400 levels before Nifty actually goes lower to break strong support at 5200.
Nifty
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