Sunday, March 17, 2013

S&P CNX Nifty for 18 February 2013.

The tipping point for the day is at 5894 but the market must stick its head above the 5850 mark, otherwise all the recent gains will be wiped out and it will resume its downward journey with support at 5781.
However, if it manages to hold above the tipping point then the immediate resistance is at 5881 and 5894. The bulls will return only if it trades above 5915 conclusively.
Our outlook is that the market may turn volatile before consolidating with a positive bias. Short term traders may best abstain from the current series and may start taking short positions for the next month F&O series in the event of a bullish move.

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