Sunday, February 20, 2011

Nifty for 21.2.11 to 24.2.11

After three consecutive weeks of losses in the Nifty the markets finally managed to register gains. All was going well until Friday when after touching an intra-day high high of 5599.25 the nifty gave up all the gains and settled at 5458.95, but still up by 148.95 points on week on week closing basis.
The market next week should start on a week note but if it conclusively crosses the 5470 mark in the early hours and stays above it on good volumes then a retest of the 5636 and 5737 levels cannot be ruled out. Below the 5466 levels markets will only loose ground. The supply however seems to have dried out. So another wave of complete wash out is ruled out for the week. However, the market on Monday can be very volatile. 
The next series starting on 25th March should however end on a bullish note

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