Technical View on Nifty (23rd March ’11)
Indian markets snapped a three-day fall and firmed 0.92 percent, supported by a rebound in Japan and gains in other markets but investors were skeptical if the rise would hold in the near term as developments unfolded in the Middle East. The S&P CNX Nifty closed at 5413.85, down 49.10 points or 0.92%.
The Nifty futures closed flat and settled finally at 5434.15, up by 54.05 points or 1 %. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 5450 else below 5350 it would be in a downward trend.
RESISTANCE: It has first resistance close to the level of 5450 & above this level the next resistance is seen near the 5505 mark.
SUPPORT: It has first support close to the level of 5350 & below this level the next support is seen near 5300 mark.
Posts
