Technical Outlook on Nifty.......Analysist

Dear all,

 Nifty managed to surpass and close above 5400 mark on Thursday for the first time since 3^rd August 2011. It is relevant to mention here that, Nifty made a high of 5099.25 and low of 4531.15. And 161.8 retracement ratio stands at 5450.15 which would also act as a hurdle. 5435 is the 50% retracement of the entire fall from 6338 to 4531 and the same was the high on 4^th August 2011 from where Nifty broke down below 5200.  Supply emerging at these levels (5435 to 5450) can not be ruled out.

 

Sustaining above 5450, the index will move towards its weekly falling channel target of 6180 with resistance around 5552 5648 5702 5740 5843 and it will completely retrace the entire fall around 5912.

 

For the day, Nifty will face resistance around 5435 and support around 5378. Sustaining above 5435 it will test 5450 5500 and 5552. Trading below 5378 it will come down to 5318 5270 5245 and 5228.

 

SUPPORT                 5378 5318 5285 5270

RESISTANCE           5435 5450 5550 5552

 

 

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Thanks and Regards 
 
Rohit Saxena

Phone No: 09899365905
Mail Id: simmi9sep@gmail.com

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