Technical Outlook on Nifty.....Analysist

Dear All,

As pointed out in my earlier reports, Nifty retraced to 5200 levels on
Tuesday's trade from the recent peak of 5630. 5210 being the 61.8%
retracement level of this rally from 4531 to 5630, though it was breached
intraday, Nifty managed to close above the same at 5222.


The crucial falling trend line above which Nifty broke out in the first
week of February is extended to 5200 now. Incase Nifty open weak tomorrow
and holds around or above 5165 which is the current 200 DMA, Buying in
index can be initiated with 5165 as the stop loss on closing basis. The
Golden Cross will take place in the next few sessions if Nifty manages to
bounce back from above level.


As mentioned in the previous reports, the currently rally will come to a
close if Nifty closes below the 200 DMA.


Support       :  5200 5165 5139 5080


Resistance :   5255 5268 5280 5307

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Thanks and Regards 
 
Rohit Saxena

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

Losers say it is hard and impossible, but winners say it is hard but not impossible."