Tuesday, May 4, 2010

Range bound with a test of lowerband


Bears took control over the markets after Nifty made a failed attempt to crossover the 20 DMA. Also a powerful bull trap is seen around 5250 levels which will act as a strong ceiling going forward.

The lower band is at another crucial support of 5184 level and it is possible for Nifty to test the lower band today and then fall back into range.


Resistance levels : 5234, 5250

Support levels : 5206, 5184


-Happy Trading

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