Free Intraday Tips For 15 June 2010
Nifty closed above the 61.8% retracement level of the fall from 5400 to 4786 and also above the 20 weekly moving average (WMA), which is a positive sign for the bulls. On the upside, 5270 is the next hurdle, which is 78.6% retracement level of the fall (from 5400 to 4786). On the lower side, 5142 and 5100 are the short-term supports. The daily momentum after giving a buy crossover has turned positive, as it has moved above the zero reference line. The index has also given a breakout from the inverted head and shoulders pattern, which is a bullish signal in the short term. So going forward, 5100 becomes quite important as till that is not broken the head and shoulders pattern will continue to hold.
Nifty Close 5198
Nifty Support 5150-5110-5060
Nifty Resistance 5220-5270-5320
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