Thursday, July 9, 2009

Nifty might turn bullish after testing 4000 levels ?!


Yesterday's close broke the range on the downside and has also significantly closed below the 50 DMA. Though this indicates strong bearishness, it is not yet time for a downtrend to begin.

The view is maintained that NIFTY might also show a strong bounce after testing 4000 levels in the next one or two sessions.

It will remain volatile as long as 4000 level is not breached.

Resistance levels : 4117, 4140, 4156

Support levels : 4045, 3998

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