Google+ NIFTY VIEW FOR 06-10-2009 ~ NIFTY DEMYSTIFIED

Tuesday, October 6, 2009

NIFTY VIEW FOR 06-10-2009

Yesterday I said "failure to cross 5085/90 now can bring some correction". Nifty corrected down twice towards our 5005 level almost without breaching it (first low 4995 but, recorded low on intra 5005, 2nd time it came down to 5000). So we are support level with corrective mode in smallest time frame.





Supports: Crucial support below 5000 will be around 4965/69-4916. A violation on 4916 can cause into a deeper correction.


Resistances: 5025 is initial hurdle. Further higher move will be decided on how it reacts around 5055-5072 zones. above that days high can be taken out for further up move towards 5130-5155.


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