Sunday, January 13, 2013

S&P CNX Nifty for 14 January 2013.

The market was weak and did behave in expected lines in the past few sessions as indicated in our post, in spite of a strong gap up opening in all the last three trading sessions.
The tipping point for today is at 5970 and the immediate resistance is at 5960, 5971 and 5989. Nifty will turn bullish and aim for new 52 week highs only if it trades above the 6011 mark conclusively.
Our outlook for the market for today is that it will continue to be weak and a breach of the immediate support which is at 5941 may see it go down to the critical support which is at 5918 before consolidating once again. A breach of 5918 may take it down to 5852 levels. However, the bullish structure is intact.

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