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Where Do We Expect Nifty Next Week (25-Oct-2010)

By Bhaveek Patel Leave a Comment

Markets inched lower in past two trading sessions, this created a consolidation or range bound markets as broader indices are trading between 20 DMA and 50 DMA. We expect Nifty to take a strong support from 5916 levels (50 DMA level), and take a V-shaped recovery from 5916 levels. So, unless we touch the 5916 levels we don’t see any trigger for the bounce back. I would recommend to enter long in Nifty near 5920 to 5935 levels for target 6172. Please don’t trade long unless we are near strong support level of 5916.

Nifty chart for 25-Oct-2010

On daily chart we are slightly bearish, but once we reach support of 5916 we do expect a strong technical bounce back to 6167 levels.

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Category: Nifty Tags: Nifty Analysis/ Nifty Futures

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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