Sunday, September 23, 2012

S&P CNX Nifty for the week 24 September 2012 to 28 September 2012.

The technical charts indicate that if Nifty holds above the 5645 mark, it will continue to be bullish with strong upsurges with immediate resistance at 5699.  However, the support of Nifty is at 5675 below which it can slide down to 5604.  If it finds support at 5604 then it will trade with a bullish bias. This being a settlement week with settlement of the September series on 27 September, a volatile move in either direction cannot be ruled out, the resistance being at 5749. Otherwise, the outlook for the market is continued bullish sentiment without any major sentiment as it moves into a new range with lower bounds at around 5450.

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