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Strong support for nifty at 5320-5380. A bounce is likely from here

This article was posted on May 6, 2011 and is filed under Market News

As the below image indicates, nifty has strong support in the 5320-5380 region. As mentioned in previous posts, it did not manage to cross its long term resistance around 5950-6000 levels. it has maintained its uptrend since Nov’09 and it is likely markets see a bounce/ short covering from here. On the upside it can head upto 5500-5550. If it does manage to break level of 5300 in coming days, the current uptrend in markets which we have seen since last 2 yrs may come to an end and nifty could go into a short term correction phase which could take markets lower to 4800 levels.

Click on below image to enlarge.



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