- Nifty moved up from oversold levels with support from 200 SMA.
- Weekly candle which violated 50 SMA also went back to close above the moving average. Long shadow of the weekly candle shows buying support at lower levels.
- 50 Week SMA is waiting to cross 200 SMA which will be a bullish event for nifty in the medium term.
- Last chart shows price waiting to move above 20 Day SMA or middle Bollinger band which will resume the primary trend of Nifty.
March 10, 2012
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