Thursday, April 28, 2011
Nifty PreMarket View
NF has gapped up above 5800 to make the highs of the settlement @ 5948. Subsequently it tested the gap area on three occasions, failing only once to move to 5708-settlement Low. 5800-5820 has proved a good support and breaking the same looks difficult but if it does, it may lead to deep corrections. 5900+ has been the supply point and huge CE writing would act as a dampener for bulls.
It ends within this range or resolve to move out of it.
Wednesday, April 27, 2011
Nifty's contracting triangle takes it to the narrow corner on the eve of settlement day.
Selling pressure from 5900+zone has slowly changed the short term TA to DOWN to be confirmed with a follow up selling below 5810.
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