Nifty can head towards 4900: FinQuest Sec

Published on Tue, Sep 08, 2009 at 09:35 | Updated at Tue, Sep 08, 2009 at 09:38 | Source : Moneycontrol.com

According to FinQuest Securities' report, Nifty has breached the resistance at 4730 decisively with a Bullish Belt hold pattern. Nifty can now head towards 4900 levels.

FinQuest Securities' report:

Nifty has breached the resistance at 4730 decisively with a Bullish Belt hold pattern. Nifty can now head towards 4900 levels.

Earlier resistance at 4730-4710 is now likely to serve as strong support during corrections.

For the day, Nifty appears to be positive and is likely to head towards 4800-4830. Any corrective dips to 4750-4730 zone should be utilized for creating fresh long positions.

MACD has given a positive crossover after staying entangled for last few days adding strength to the positive outlook.

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To read the full report click on the attachment......

Attachments : FQtech-080909.pdf