Monday, August 10, 2009

YESTERDAY CALL
Today nifty hit the first resistant at open itself and first two support in trading.
MARKET VIEW FOR TODAY
Nifty had a gap opening and faded today itself but didn’t able to close above 4500 levels; still managed to close above 4420 levels. Monsoon factor may be a major reason for this sell off, I feel so.
MARKET VIEW FOR TUESDAY
Technically in the price chart bearish pattern was formed. As past three trading sessions nifty had down closing continuously, for tomorrow, I expect an up move. In addition, today USD/INR currency derivative, rupee had appreciated against dollar which means rupee buying had happened despite selling in the equity market.
NIFTY LEVEL
For tomorrow trade I would suggest buying nifty with strict stop loss 4390.
SUP: 4390, 4340, 4290, and 4240. RES: 4480, 4513, 4570, 4620. STOP LOSS: 4390.
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