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Archive for March 9th, 2011

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Though the indices opened with a gap down yesterday, an immediate recovery was seen in the early morning trades. Volumes were low while indices closed near the resistance level. As we had been discussing in last few days 5400 and 18000 is now trend changing level between the band of 5225 to 5545. On upside 5545 & 18500 is key level above which we expect market to touch 5700.

We have been mentioning this possibility for the last few days as the expected completion of bullish pattern will be seen once the market closes above 5545/18500. Further momentum is also likely to increase as soon as 200 DMA is crossed.

It would also be worthwhile for traders to watch how the bank nifty behaves near the breakout level of 11100. Today markets have already attempted to cross 5545 in early morning trade but at this point are trading at 5500 levels which is a cause of concern. To maintain the upward trajectory today Nifty needs to stay above 5450, below which it could once again go down to 5400. The increase in  volatility does not signify anything unless eventually it breaks out of range of 5225 or 5545 levels on closing.  Based on the chart formations a strong tussle between the bulls & bears is currently underway and believe the bulls may come out on top.

Written by Rakesh Gandhi

March 9, 2011 at 3:22 pm

Posted in Market Watch

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