Saturday, November 19, 2011

Nifty Intraday Trend for Monday 21 November 2011

A significant loss was seen in the market during the week and Nifty lost 5.24% in this week. On Friday also Nifty persisted its bearish trend and made a low of 4839 after breaching the support we had given on Thursday report.

Market is likely to extend its bearish trend on Monday as well and breaching the level of 4870 may call for another sell off till 4830-4809. But a rebound is expected near this level (4870) and if Nifty manages to stay above 4930 mark we can see nifty to touch intraday levels like 4972-4990. Strong uptrend is seen only above the resistance level of 5085 while Nifty is having a good support near 4700 mark.

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