Wednesday, April 13, 2011

#5 Nifty Update

NIFTY made a brilliant century with 125 points unbeaten. NIFTY opened at 5750 and closed at 5911. NIFTY turned back from the crucial support level as I had mentioned in my earlier posts. But NIFTY’s century was just unexpected. It has created a bullish engulfing pattern today signaling a temporary bullish move for the index. Today SGX Nifty was trading well down by 1% in the opening but all changed in first hour of Indian markets opening. NIFTY can be confirmed in bull run unless and until it crosses above 5937 level for atleast 2-3 days. Traders can buy NIFTY for 2-3 days with the target of 6015 while long term investors can starting buying in parts and not in full as we might seen some downfall next week which would be good opportunity for averaging .

NIFTY levels for 15th April:

S-5859        R-5937
S-5820        R-5971
S-5770        R-6015
S-5721        R-6082

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