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Yesterday, the US markets were at their best levels since March 2009 but, locally our markets ended below the short support level of 5800 which is now a cause of concern for traders. The April F&O expiry started at 5860 & than made high of 5945 during the month, but then could not gain further & tapered down to make low of 5693.

Markets have seen good consolidation being range bound for April after the sharp rally from 5350 levels till the top formed in April. Market needs an immediate bounce above 5850 for regaining the lost uptrend that started in month of March. Based on technical chart  pattern & averages next support on Nifty at this point in time is 5750 & weakness will continue as long as Nifty remains below 5850. Further,  Intermediate trend could be at risk if Nifty sustains below 5700 and does not bounce back thereafter. The long term averages & charts suggest that dips should be bought as structurally the trend is bullish.

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Written by Rakesh Gandhi

April 29, 2011 at 2:09 pm

Posted in Market Update, Market Watch

Tagged with , , ,

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