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Archive for January 25th, 2011

Markets today at 3 pm.

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After the announcement of RBI’s credit policy, Markets made a high of 5800 on Nifty, but could not sustain at those levels due to a lack of strength. In the last few trading days indices have eventually managed to sustain above the 5700 level after trading a couple of times below the 200 EMA.

To add to the upward momentum, the banking sector is also showing some signs of revival. Short term indicators are favoring the bulls at this point of time but Nifty Jan futures needs to cross 5780 to add impetus to the recovery. Chart pattern formation & moving averages suggest that today if indices manage to close above 5755 & 19200 there is a very high probability of a bounce back.

Written by Rakesh Gandhi

January 25, 2011 at 3:19 pm

Posted in Market Watch

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