Trend Line [02-02-2011]

 YESTERDAYS COMMENTS AND PERFORMANCE :

YESTERDAYS Predicted Nifty level and Actual levels :
Trade Resistance 5529-5539 [5539 EXACTTTTTTTTTTT High]
Stop Loss for long 5399 [5402 EXACTTTTTTTTTTT Low]
1st January 2011 OHLC : open 5537, High 5539 Low 5402 Close 5417

2nd Feb January 2011 [01/02/2011] - Technical View of Nifty / Nifty Technical
Analysis / Technical view of market
View of Market :
Todys Quartely result : Bharti Airtel, EssarShip Ports, Glaxosmithl Cons, Great
Offshore, Hero Honda, JAI corp, Jet Air India, Vardhman Tex, Voltas and Wockhart
Technical View of NIFTY :

+ve : Exactly Nifty has taken the support at previous positive breakout neck line
and retracement level 5400. Honour the 61.8% (5379) of Total retracement
4786-6338. So possible for some bounce back from here.

-ve : 23.6% Fibonacci Range 6181-5406 coincide with Elliott Wave target line
at 5574-5585, Elliott Wave Target line resistance at 5526-5538. Below Houly
EMA.

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