Wednesday, November 16, 2011

Market Trend: Nifty Technical Outlook for 17 November 2011

Spot Nifty, as we expected did the same and closed in red after losing 38.05 points to close at 5030 level. Before this, in the last hour of trade nifty touched a low of 4990 but soon recovered significantly to closed above 5000 mark.

In this choppy trade, nifty Futures added 0.80 points to its previous count and settled near 5080 mark.

Market may come down below 5000 level tomorrow but chances are there to take a re bounce before the level of 4985 which is acting as crucial support for Nifty.

In broad perspective, 5200 is still acting as stiff resistance for strong uptrend while below the support of 4970 nifty may extend this downward trend.

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Posted By Commodity MCX Tips