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Technical Analysis of Nifty & Market Trend
Forecast for Today
22 May 2013
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Today’s
opening would be crucial for the Markets. The Markets have ended the
day very near to its pattern support levels of 6095. The Markets are
expected to open flat and it would be critical to see if they are
able to maintain the levels above 6095. Any dip below 6095 may see
some temporary weakness and corrective activity continuing in the
Markets. All and all, we continue to reiterate that the Markets have
seen correction set and the levels of 6199 have become a temporary
top for the Markets. Fresh sustainable up move shall occur only when
the Markets moves past this level again. Also, there are no triggers
as to suggest that the Markets have found some bottom and may
reverse. In case of consolidation, defensives shall continue to out
perform. A very selective approach in taking fresh positions with
guarding of profits on either side with cautious outlook is advised
for today.. Read Full Story Here
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