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You are here : IndiaNotes >> Market Action >> Technical

Nifty: Ket support at 5200

Nirmal Bang | Published: 13 Jul, 2012  | Source : ValueNotes.com | Follow Author | Add to my Favourites


NIFTY – DAILY (CMP 5235.25)

In their previous report Nirmal Bang mentioned that a break of 5190 would propel the NIFTY to 5400-5425 levels which is the trendline resistance formed by connecting the previous two major peaks of 6335 and 5629. The NIFTY failed to test that level and faced severe resistance at 5350 levels. The Index is now near a critical support of 5220 which is lower end of the channel it has been trading in over the past one month (as shown in the chart) a break below which would change the short term trend to down and the next immediate support for the NIFTY would be between levels of 5000-5050.


The Dollar Index has broken out of its previous high of 83.5 and Nirmal Bang expects the falling EUR-USD to keep downward pressure across risk assets globally.



  Read full report Click here to read the full report

About Nirmal Bang

Founded in 1986 by Nirmal Bang, the Nirmal Bangis recognized as one of the largest retail broking houses in India, providing an array of financial products and services. Their retail and institutional clients have access to products such as equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS. The Group is headed by Mr. Dilip Bang and Mr. Kishore Bang.


For more information please write in to editor@indianotes.com


Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.



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