Wednesday, December 3, 2008

Make or Break soon.


Now the situation in which we are, is such that very soon we may see a make or brake kind of situation. Today Nifty made a Doji, showing the great level of indecisiveness. If any good announcement comes out from government, then we can see a good rally, otherwise there can be significant downfall. It is now out of my imagination, that if there is a fall at what levels can this fall lead. Other wise earlier I was of the opinion that 2253 may not be tested atleast in December.
Today Technology did not lend a support other wise it would have been a different day. Laggards of previous week like Tata Steel, State Bank, DLF, Maruti, PNB staged back good recovery today. For tomorrow if the big boy Reliance stages a rally and if Nifty does not give up 2655.00 then it will be a discomfort for the Bears.

  • Resistance levels.
  • 2727 - 20 day WMA
  • 2780 - 20 day TMA
  • 2793 - 20 day EMA
  • 2799 - 20 day SMA
  • 2863 - 61.8% Fib retracement of the range 2253 - 3241
SUPPORTS AND RESISTANCES obtained by PIVOT POINT ANALYSIS FOR CNXNIFTY

WHERE PIVOT POINT is 2654.02.


DAILY
For Next Day
RESISTANCE 1 2,696.08
RESISTANCE 2 2,735.72
RESISTANCE 3 2,777.78
SUPPORT 1 2,614.38
SUPPORT 2 2,572.32
SUPPORT 3 2,532.68