NIFTY MADE A TREMENDOUS COMEBACK TODAY !!!!
NIFTY Futures opened to day with a Gap up of almost 50 points @ 4585. It showed good buying interest right from the opening and gained strength through out the day.Nifty made a comeback after 6 losing session to close on positive note above 4700 ie @ 4712. This is the much awaited pullback after a sharp decline towards 4530 Area.
Nifty has managed to find support @ 4530 Area, giving room to a pullback towards 4850 area. Getting pass the 4850 Area may see a momentum bulid up towards the next key resistance @ 5050 level.On the downside a breakbelow 4530 Area may trigger another bout of selling towards medium term target of 4350.We may see good support at these levels.
Our view on Nifty Futures is Bearish. Only a close above 4850 Area will negate the Bearish momentum.Any rally can be sold into with a Strict stop loss above the mentioned Area. Any buy positions should be taken cautiously.
Our closed position for today:
Tata Motors: Bought @ 555 ( 04.11.09 ) - Sold @ 541 ( 04.11.09 ) = Loss 11900/-
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