CMP – 5278.20
Nifty Range – 4914 to 5632
Pivot Point – 5274/5276
Turning Point – 5312
Positive Above – 5440
Negative Below - 5205
Nifty has Immediate Resistance at 5287 and then at 5302 - 5312/5315/5318 – 5335. After a decisive close above 5353, next Upmove levels will be 5377/5386. Then a Series of Resistances will be at 5400 - 5428 – 5440/5448 – 5464 – 5482/5491. After a decisive close above 5491, next Upmove Levels will be 5521 – 5544/5555 – 5582/5587 – 5616 – 5635.
If Nifty manages to cross and stay above 5645, it can go up to 5662 – 5681.
Nifty has Nearest Support at 5265 and then at 5244/5233 – 5220. Below 5220, Nifty will become WEAK and may go down to 5205 - 5193 – 5171 – 5155/5144 – 5108 - 5080.
If Nifty breaches 5080, it can go down to 5062 – 5035 – 5017 – 4977 – 4964 – 4926 – 4917/4914.
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Please refer to the Charts which are self-explanatory.
On Daily Charts, ADX is Negative, MACD Negative and Histogram is Positive, Momentum and ROC are Negative. RSI is Positive. Stochastic %K is Positive and Stochastic %D is Neutral.
The EOD Candlestick “Bullish Harami” indicate Bullishness.
If we study movements on MACD, RSI and Stochastics, it can be concluded that Market is in search of exact DIRECTION at the moment. Uncertainty will prevail in Market and it will erratically move Up & Down in a range.
With No Major Events in sight till 17-4-2012 (RBI Monetary Policy Review), Market will move in accordance with Current Domestic News and Global Cues, at present.
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Factors of Concern/Major Events
RBI Monetary Policy Review on 17-4-2012.
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My Trading Strategy (Positional)
I will keep myself LONG above 5112 SL 5080 for upward targets.
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