Thursday, October 25, 2012

S&P CNX Nifty for 26 October 2012.

Our predicted support at 5685 did hold on the day of settlement yet the market could not surmount the predicted resistance of 5706 on closing basis as it closed a shade below at 5705.3. 
The charts however indicate a little bit of a drop in the index today due to unwinding of some longs before the Nifty resumes its upward journey.
5698 is the immediate support below the tipping point which happens to be at 5704. Below 5698, the supports continue to be at 5665 and 5630.
On the flip side, if it trades above 5706 in the opening hours with good volumes and for longer time then the immediate resistance is at 5747 and 5762.

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