Thursday, January 20, 2011

Share market updates : Nifty support levels

US stocks markets finished on a mixed note on Monday as renewed concerns about European debt coupled with a slew of corporate news pulled sentiment in opposite directions. Back in Asia, stock markets are trading mixed today morning.

Amongst the key indices in India, The NSE Nifty is expected to open with limited gains and move sideways between the first Support at 5740 and the Critical level 5816. The overall bearish mood may continue as long as the market stays below the Critical level 5816. However, an Intra-day trend change is possible if Nifty breaks the Critical level with conviction wherein we may see some short covering towards the first Major Resistance at 5878. If the index manages to sustain above this, we may see the rally strengthening towards the higher Target at 5915. However a fall below 5740 may pull the Index towards the Major Support at 5704.

No comments: