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Wednesday, February 03, 2010

(1) Nifty Chart For 03/02/2009 ::


Nifty :: As per our yesterday post Nifty face resistance exactly near channel top, and made Engulfing bear candle with volume.. Conformation required for bearish structure.. If it didn’t break low 4814 and given close as green candle then again we see firm up move from bottom due to oversold, short term indicator.. Now in up move channel upper trend works as resistance.. We again repeat, short term and mid term momentum already turns negative, so be careful at higher level if Nifty open gap up.. Due to oversold region our strategy buy only in deep (Strictly S.L 4766) Sell at high (S.L 4967).. Resistance for up move at 4872/4893/4924/4950/4967.. Supports at 4814/4801/4887/4766/4735..

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