Thursday, April 25, 2013

S&P CNX Nifty for 26 April 2013.

What an expiry of April contracts! Welcome to the May series.
The market exhibited a clean breakout from the recent downtrend which had begun from the onset of February series this year (29 Jan 2013)
The tipping point for the day is at 5898 with immediate resistance at 5918 and then at 5942 and 5970. The immediate support is at 5909, 5900 and 5885. Breach of 5885 may take it down to 5842 and 5766.
Our outlook for the day is that the market may let out a bit of steam afterwards maybe another spike up north.

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