Last week, Nifty Future could not stay over 4715 and corrected upto 4465 which is also 20 DMA. Daily RSI is around 50 which is a neutral zone and bounce can take place. For this week, the pivot and first resistance is NF 4554-4559. NF has to stay over 4560 for first target 4627-4652. However, it is weak if trades below 4505 for retest of lows...or support around 4408-4387. Caution advised on break of NS 4420 as it will lead to further unwinding by bulls. Monthly pivot is NF 4406.
Monday, August 10, 2009
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