Monday, October 29, 2012

S&P CNX Nifty for 30 October 2012.

As predicted in our post yesterday, in spite of an opening above Friday's closing, the market did turn weak but the support of 5646 did hold.
The tipping point for today is at 5669 below which the market will continue to be weak. The immediate support is at 5652 below which, 5630 continues to be a major support. A breach of 5630 support will see the index retrace all the way down south to 5584.
If the market trades above 5669 conclusively with good volumes then 5678 is the immediate resistance above which it may find resistance at 5699. Beyond 5699 it will be bullish.
The outlook for today is a weak consolidating lackluster market with a bullish bias.

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