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Yesterday looking to the positive global cues, we opened with a gap up. During the day we saw further gain reaching a high of 5510.  With the news of Raja’s arrest, the end of the session saw benchmark indices losing the gain of the day, but still managed to end positive. This move signifies overall lack of confidence at the current juncture.

The current short term technical set up needs Nifty futures to sustain above 5480 & this morning after flat opening the Nifty future is trading at 5495 .Over the last few days,  evident trading patterns have emerged based on different analyzing perspectives that suggest 5300 to 5400 as a very dependable range. One could see a sharp upward momentum towards the end of the week if Nifty futures sustain 5530.

Written by Rakesh Gandhi

February 3, 2011 at 11:02 am

Posted in Morning Markets

Tagged with , ,

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