January 24, 2010 by

On Last Trading Session Nifty has finally breaks the major trend line support, where it had stopped yesterday after breaking out from wedge pattern. It took support at the low from where it started its final rally, which is also the close of the previous hammer candlestick pattern. Hence, 4943 was a crucial support which market did hold. Now, going ahead, 5170 remains a very strong resistance in the medium term and 5130 a strong resistance in the short term. Nifty has also posted a negative weekly close with strong volumes on futures and options front one of the indicators that the index has begun its next move down.

Nifty Fut Closed 5013