SENSEX NIFTY
Feb 25, 2013, 09.56 AM IST | Source: Moneycontrol.com

Nifty has support around 5840-5820: Aditya Birla Money

According to technical report by Aditya Birla Money, Nifty has support near 5840-5820. As long as the support holds a short term recovery towards 5920 and even higher seems possible, however if the support is breached decisively then weakness could extend towards 5700 in the coming days.

According to technical report by Aditya Birla Money, Nifty has support near 5840-5820. As long as the support holds a short term recovery towards 5920 and even higher seems possible, however if the support is breached decisively then weakness could extend towards 5700 in the coming days.

Nifty traded mixed holding above the support zone of 5840/5820 and settled with marginal losses in Friday’s session. Overall momentum in the daily RSI (14) and MACD (12/26/9) is weak indicating further dips towards 5750/5700 levels going forward.  However based on last few sessions price structure and intraday oscillators, a minor recovery towards 5920 and even higher seems possible before witnessing such dips. Only a decisive breach below the said support zone would continue to keep the sentiment weak towards 5700 negating the recovery possibility.

Outlook and strategy:

Support is seen near 5840/5820. As long as the support holds a short term recovery towards 5920 and even higher seems possible, however if the support is breached decisively then weakness could extend towards 5700 in the coming days.

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To read the full report click here

READ MORE ON  Aditya Birla Money, Nifty

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