Tuesday, February 9, 2010

A new low and a good bounce...A short term bullish move ?!


Yesterday markets made a new low for the series and almost reached the next target level of 4670.
From the day's low the bounce was strong due to the covering of late shorts.

Given this scenario, there might be a very short term rally for two to three sessions, triggering more of short squeeze and Nifty might also move on to test 4820, 4860 levels and even higher with the strong ceiling being 4950.

Still there are strong chances of Nifty making a powerful bearish move in a few days and test the final target of 4590.

Resistance levels : 4801, 4820, 4865

Support levels : 4732, 4710, 4670


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Happy Trading
www.tripleint.com
http://stockezy.com/gurus/tripleint

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