NIFTY OUTLOOK

>> Wednesday, August 11, 2010

Today Nifty broken and closed below 5430


This level has been offering support since 3rd AUG.

This level will be crucial for next few days.

Since market is near RSI supports on daily and hourly charts, a bounce is not ruled out.

A gap up or down opening 30 min low holding would be a bullish sign.

On the other hand, inability to cross 5430 would be a bearish sign intraday and

could lead to a retest of 5350 in next 1-2 days.

As an intraday strategy, use the first hour candlestick breakout to initiate trades.

Current Spot: 5420.60
Pivot: 5436
5DEMA: 5445
10DEMA: 5438
20DEMA: 5413
50DEMA: 5329
RSI (7 days): 46.71
Parabolic SAR: 5378
Supports: 5397 - 5373
Resistance: 5459 - 5498

TOMORROWS HIGH & LOW MAYBE 5444 & 5360

BELOW 5350 -5333 THIS BULL RUN WILL TERMINATE

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