Google+ NIFTY INTRA DAY VIEW FOR 12-03-2009 ~ NIFTY DEMYSTIFIED

Thursday, December 3, 2009

NIFTY INTRA DAY VIEW FOR 12-03-2009

Having a severe net problem today. Uploaded only single chart pic in last 1 hour, so I am not uploading anymore as it's already 4:30 in the morning. So giving you the levels in stead of posting charts.

Trend is still up as long we are holding above 5065 zone. If you look at the pic above you can get the importance of 5065 once again, and wonder how fib projection comes again and again to our way, other way round convergence of these levels with earlier projection levels prove the validity of the place.
Supports: 5092-5065 is clearly the big place to look out/for long. We clearly have chances for newer highs on shorter term itself, as long these 2 place are holding up. Below that Nifty can easily show up 5015/20-4940.
Resistances: 5150-5170/74 remains a tricky band. I will not suggest to go long blindly even if we are still in an uninterrupted uptrend near these levels. Booking intra longs, and short near 5160-5170 zone with a small s/l around 5185 can also be done by aggressive traders as risk-reward ratio is favoring the trade.


Note: Keep eye on Reliance Ind. As discussed on Sunday, 1120 is proving to be BO zone. Yesterday it made a high of 1118.95 before retracing. A good volume break above that can show 1162-1190 in no time.


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