The Nifty future has opened at 5370 levels up above the reference line of 5367.
If this level holds up during the day, look for a continuous move higher.
The Bank Nifty’s open at 9716 puts it between the reference levels of 9715 and 9756. Again, buyers are in control as long as 9715 holds.
Nifty at 5365.
These are important support points for the Nifty now.
Buyers have overcome 5344-5355-5367.
It’s important that the Nifty stays above these levels now, otherwise we see a print of 5308-5314 next
We are not doing great on the global score-card.
So this mini upmove of the morning will be arrested.
July 12, 2010 10:50 AM
It is getting a little more muckier globally.
Or you can still call it a reaction to IIP.
Make your choice for the reason. Does not matter as the charts projected weakness.
We have a balanced profile at the EOD.The market has not shown it’s hand through the profile, but the close above 5367 and the fact that 5355 was defended, means that we are heading higher.
Bank Nifty has also broken above it’s range.
Use the mentioned levels to manage risk.