Google+ NIFTY INTRADAY VIEW FOR 03-05-2010 ~ NIFTY DEMYSTIFIED

Friday, March 5, 2010

NIFTY INTRADAY VIEW FOR 03-05-2010

Firstly sorry for not being able to post for yesterday. A viral fever got onto my head and made me little weak, physically.
 
Immediate trend is certainly up but in a overstretched/overbought zone. A very tricky kind intra day scenario is panning out as far as the trading concerned. Nifty with higher target on the chart may encourage more bulls, but overstretched status of nifty can certainly make trading very difficult. Utilizing handsome dips/rally for buy/sell respectively may prove to be a better idea.
Supports: Nifty actually has developed a cluster of support on the downside which may play out as a buying place in the current scenario. 5055-5035/30 is the main support for the day, however breaking of these levels can bring 5005-4970/75 for the real test of the bulls.
Resistances: 5105-5135 can be targeted by nifty holding those support levels. 5165/70 will be a tough hurdle to breach.

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