June 9, 2011

NIFTY Intraday Update

  • Nifty has given hope for bulls from near the support line. But the resistance line looks strong. If they move above resistance line price has to close above 5570 for bulls to gain momentum.
  • Getting resisted here and breaking 5480 will favor bears
  • Nifty in a triangle shaped consolidation pattern.
  • If the support line holds we may see an up move in the later part of the day.
  • Break of support line will favor bears.

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