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Markets had shown a strong pull back after announcement of the IIP numbers yesterday. Critical level of 5700 & 19000 on Nifty and Sensex respectively, was not broken during the volatile period that we have seen in the last two trading sessions.

Formations on daily chart indicates that there is a significant bottom formation seen at the levels of 5700/19000 on the benchmark indices which can prove to be a crucial support if we do not see any further negative news flow.

Today the markets have recovered from intraday lows during the first half but it could not sustain thereafter and gave away yesterday’s gains completely. Volatility has been at peak since the start of this week & I think this kind of volatile moves makes strong case of bottom formation. Nifty future is indicating down trend at this point of time, however, once it crosses 5850 upward momentum will increase.

Written by Rakesh Gandhi

January 13, 2011 at 3:55 pm

Posted in Market Watch

Tagged with , ,

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