Thursday, October 8, 2009

Nifty's clinging to the support line...

The contracting range (Marked in brown) is now at 4895 - 5060.



Friday's close below 4970(last 2 day's low & 5 week avg) will be the first bearish signal..And the trading range gets shorter by the day(114, 104, 71).

Weekly close below 5003 is bearish..So we need a + day for the bulls and a - day for the bears..
We continue to trade below weekly pivot "5056" most of this week and now below even the S1 5012 and the last weekly S2 is 4941.
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