4-8-2009 trading as expected faced resistance at 4720 zone at the opening trades and slides down to day low nifty 4640 and closed at 4680 -31 points. FII data a little bit negative, f&o data nifty future sheds 18 lakhs shares dangerous???, option writing nifty range is in between 4600-4700. Global cues are slightly positive, SGX nifty +ve.
Over all view: I have expected a small correction at this level to the extent of 150-200 points and bounce of markets to new highs of 5000-5200 in this month. As expected markets are showing resistance at 4720 zone, hence one can go short at this level stop loss 4750 and go long at 4511.
Nifty may take support 4655-4636-4617-4511.
Over all view: I have expected a small correction at this level to the extent of 150-200 points and bounce of markets to new highs of 5000-5200 in this month. As expected markets are showing resistance at 4720 zone, hence one can go short at this level stop loss 4750 and go long at 4511.
Nifty may take support 4655-4636-4617-4511.
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