21 Feb 2008, 5.30 pm
A double bottom is created
Nifty found a support at 5120 level creating a double bottom and recovered 80 points from the day's low. In a gap up opening today Index faced resistance at 5240 levels and fell down to test the support. Technically market should go up from here. If Nifty can find support above 5240, it will have momentum to hit 5280, 5300 levels.
Global cue will influence the further market momentum. Asian markets were extremely positive and Europeans are also tracking the cue. US indices is expected to open extending gains today. With these positive sentiments, our market was volatile but closed giving a positive sign for bulls.
A double bottom is created
Nifty found a support at 5120 level creating a double bottom and recovered 80 points from the day's low. In a gap up opening today Index faced resistance at 5240 levels and fell down to test the support. Technically market should go up from here. If Nifty can find support above 5240, it will have momentum to hit 5280, 5300 levels.
Global cue will influence the further market momentum. Asian markets were extremely positive and Europeans are also tracking the cue. US indices is expected to open extending gains today. With these positive sentiments, our market was volatile but closed giving a positive sign for bulls.