Friday, November 26, 2010

Share market updates : Nifty support levels

The NSE Nifty is expected to show a slow start due to the lack of conviction. The Critical Support level for the day is at the 100 DMA level of 5767 and today’s closing should be above this mark for maintaining the Short-term uptrend. During the course of the day, if it stays above this level, it will try to Target its first Resistance at 5816. The index should sustain above this level for triggering a Short-covering rally, wherein which it may Target towards the Major Resistance at 5874. However, if Nifty fail to sustain above its Critical Support, more Short positions may emerge which may drag the index towards its first Support at 5740 and later towards the Major Support at 5705.

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