Thursday, May 9, 2013

S&P CNX Nifty for 10 may 2013.

The tipping point for the day is at 6059 with 6047 as the immediate support and thereafter at 6024 and 5987. On the flip side the resistances are at 6065, 6076, 6102.
The crucial support of 6047 indicated in our yesterday's post did manage to hold on closing basis.
Our outlook for today is that although the bullish structure is very much in tact, but a lot depends on whether the benchmark index trades below 6047 or above 6065. If it trades below 6047 for longer period then a bit of long unwinding may emerge whereas if it trades above 6065, fresh longs may emerge.

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