NIFTY Today opened almost flat to positive @ 5063. But very quickly sold off below 5050 trading weak almost the whole session. Towards the last hour it suddenly gained momentum to get pass 5050 area and closing above it @ 5057.
Today Nifty has spent the whole day trading in range. It found strong buying support at 5000 Area. IT seems to find resistance @ 5075 level and a minor support now stand just below 5000 mark. On the upside the target still stands near previous high point @ 5170 Area. On the downside below 5000, the next support to watch is 4920 Zone.
Our view on Nifty Futures is Bullish. It is going through a consolidation phase at the moment and going pass 5085 area, will open the room towards 5165 Zone. On the downside, a break below 4920 will end the upside momentum. And any dip should be used to enter market at lower levels.
Closed trades for today:
STOCK:
ALLAHBAD BNK: SOLD @ 134.00 ( 13.11.09 ) - BUY @ 135.05 ( 17.11.09 ) = LOSS 2573/-
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