Google+ NIFTY INTRA DAY VIEW FOR 11-05-2009 ~ NIFTY DEMYSTIFIED

Thursday, November 5, 2009

NIFTY INTRA DAY VIEW FOR 11-05-2009

Indeed the day was perfectly predicted. 4585-4625 was the initial hurdle, and it opened and made low just @ the first resistance @ 4586, hit the 2nd hurdle 4624.5 and came down to 4582 again, bounced and touch 4660 (high made 4666) and got range bound between 4630-4660 :) . Broke out and it was a smooth sail towards 4711 and yet to touch 4730 as discussed yesterday.

Supports: Immediate support lies @ 4660. Below that 4625-4585/80 can be targeted easily.
Resistances: 4727/30 is absolutely star level of the day. Unless that level is getting violated on the upside convincingly all the up move towards that level will be an opportunity for shorts. A convincing break above that level can bring 4770-4855/60-4915... and how many times this 4915 zone got projected till date??? 20? 50? 100? :) .. have a gr8 day!!!

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