Tuesday, December 20, 2011

Market Trend: Nifty Intraday Tips for 21 Dec 2011

As predicted in our previous report that inability to stay above 4600 would extend the bearish trend and Nifty might touch 4550 level, the same happened today and spot Nifty after losing 67 points, closed at 4544.20. Nifty Futures ended at 4566.80 down by 57.05 points.

It was the fifth straight day for the market to end lower. The market is not sustaining at higher levels and short coverings and then pullback pattern are seen all the time. Major resistance for Nifty is seen around 4640 level.

The market is still looking weak on charts and a move below the support level of 4530 would bring more downside.

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Posted By Commodity MCX Tips