Feb 27, 2013, 09.42 AM | Source: Moneycontrol.com
According to technical report on Nifty by Aditya Birla Money, resistance is seen near 5820 in Nifty, it could continue to trade weak towards 5700-5650 in the short-run.
, Aditya Birla Money |
Nifty opened on a weak note and sold off steadily thereafter to settle at 5761, with a loss of 94 points last session. • As the index breached the key support level of 5820 decisively yesterday, it could continue to trade weak and drift further lower towards the next major support (200-day EMA) near 5650 in the short-run. • Momentum in the 14-day RSI and MACD (12/26/9) is weak and would be supportive for the same. •On the higher side, break down zone of 5820/5840 will act as immediate resistance. •Only an immediate close above it could turn the sentiment mixed to positive negating further weakness.
Outlook and strategy:
Resistance is seen near 5820, Nifty could continue to trade weak towards 5700-5650 in the short-run.
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