- As shown in the daily chart, the Nifty has just closed above the lower end of the Trend line (5010 – 5000).If it breaks 5010 – 5000 crucial support levels then it may test 4980 – 4940 levels. The immediate resistance remains at 5050 – 5060 levels. On closing basis, if Nifty closes below lowerside Trendline then we see 4800 in coming days.
- At 9:56 am, the Sensex was up 125 points at 17,031 and the Nifty up 29 points at 5,054. The CNX Midcap rose 54 points at 6,893.
- At 10:40 am, the Sensex was up 73 points at 16,984 and the Nifty up 17 points at 5,042.
- 5,000 is an important psychological level 5,049-5,050 is not a big deal or 4,900 is not a big deal. But somewhere around those zones you need to find support. So lets see over the next few days whether we can get away with holding those kind of levels because that will be very crucial in determining where the market could be headed from here. The next big move could be decided by the hold of 5,000 or not.
- One another take is if 5,000 actually holds out in this kind of an environment it is a very bullish situation for the market because the environment is quite bad right now for equities. Even the bulls will admit that the kind of news flow we are getting is not good and conducive for out performance at all, so if with this kind of news flow you hold out 5,000 Nifty then the market is showing a lot of strength.
- So the fact that we are at 17,000 with all that is happening around us or 5,000 with all that is going on is pretty bullish. So if we get away with 5,000 it would be great.
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