Thursday, August 13, 2009

Still confined.. Needs a breakout and close either side..


Markets did break the 50 DMA on the down side yesterday, but managed to close much higher, forming almost a dragonfly doji pattern.

It is however still confined between its 20 and 50 DMA levels (4522 and 4409).

A higher open and a break of 4507, 4537 will be bullish for Nifty and if 4537 is sustained, it can push it all the way to 4580 and 4630 levels.

There might also be a move to threaten weak bulls towards the end of session, if this market is back on its bull track.

Resistance levels : 4485, 4511, 4537, 4580

Support levels : 4444, 4415, 4396

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Happy Trading
www.tripleint.com

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