As Nifty Future remains above 3621 it continues to show strength - with support from foreign markets. Now that the Stress Test results ar out, the markets all over may find a direction. It may be noted that since the gap open on 4.5.2009, Nifty future has remained in narrow range of about 123 points.
Yesterday's Nifty Future movement has not gone out of the Shooting Star (on 6.5.2009) day's range and hence indication of weakness continues. Once 3600 is broken, market will test support at 3520 (Previous Top), where it will also find Trend Line Support @ 3504.
I still feel that 3750 will offer a strong resistance and market may come down to fill the gap of 29.4.2009 & 4.5.2009.
Happy Trading,
Ketan Asher
Yesterday's Nifty Future movement has not gone out of the Shooting Star (on 6.5.2009) day's range and hence indication of weakness continues. Once 3600 is broken, market will test support at 3520 (Previous Top), where it will also find Trend Line Support @ 3504.
I still feel that 3750 will offer a strong resistance and market may come down to fill the gap of 29.4.2009 & 4.5.2009.
Happy Trading,
Ketan Asher
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