3 Replies to “whats the tagets of nifty today?”

  1. Dear friends,

    As per yesterday’s close, the market will show uptrend in coming days.

    NSE S&P CNX Nifty Close yesterday: 2,843.10.

    BSE Sensex Close yesterday: 9,300.86.

    The resistance levels of NSE S&P CNX Nifty are 2,905.35 (50 Days Moving Average) and 3,147.20 (Intra day’s high on 7-January-2009) and BSE Sensex are 9,539.70 (50 Days Moving Average) and 10,469.72 (Intra day’s high on 7-January-2009). If any one of the resistance levels breaks anytime on coming Monday / Tuesday, We will see the rally up to its next resistance levels.

    Support for NSE S&P CNX Nifty is 2,661.65 (Intra day’s low on 23-January-2009) and BSE Sensex is 8,631.60 (Intra day’s low on 23-January-2009). If any one of the support levels breaks anytime in next week, Get ready for down trend.

    Nifty is locked in a tight range, unable to breakout in either direction and with lackluster volumes. During the last 10 trading sessions, the Nifty has struggled to give a close above 2,881. Though, the daily chart suggests formation of rising bottom, a clear uptrend continues to elude the market. If the above level is crossed convincingly, we are likely to see a rally till levels of 3,147.20 (unlikely scenario). If it cannot clear the critical resistance point, the Nifty is likely to fall back to the 2,661.65 level. Though, the weekly candlestick pattern formed is positive but the price continues to stay below key moving average. Meanwhile, index heavyweights like ONGC, BHEL, Bharti Airtel, Reliance Industries and ITC continue to hold their ground.

    The market is very much range bound since last 10 trading sessions and NSE S&P CNX Nifty range is between 2,661.65 and 2,881.00 and BSE Sensex range is between 8,631.60 and 9,438.31.

    Yesterday, Both NSE S&P CNX Nifty and BSE Sensex has crossed and closed above 20 Days Moving Averages which is good up trend sign.

    Please share more views about my calculations.

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