Wednesday, March 23, 2011

NIFTY NEXT-NIFTY EOD 23 March 2011 Technical Analysis & OutLook for 24 March 2011


Nifty-Spot today ended at 5480.25 with a gain of +1.2%, as per our Morning Note that It might Find Support at 5400.It closes near to its high at 5484.95 with formation of a Long White Candle on Daily Price Chart. As per VS of Nifty Options, Nifty can now Trade between 5500-6000 in next 2 months. Technically, Nifty has given Positive Signals on daily price chart. Swing, Spearman, Fractal Dimension & CCI  has  given Positive Cross-over on Daily Price Chart. PIR Daily is now Trading above PIR Weekly, a Strong Bullish Singal for Nifty. As per our NNI-Nifty Next Indicator, which gained by +9.50% along with  modest fall in Trader’s Hope, suggests  that Nifty will Trade with Positive Bias on 24 March 2011.Nifty has now strong Resistance at  5537.30. Reliance will be the best buy for Intraday  on 24 March 2011.

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