The Nifty faced resistance at 4530 at the same point when the Nifty took the U-turn from the 4647 level drifted to 4403 bounced back to 4534 level from there touched a low of 4267 again faced the resistance at the same level.
The Nifty may take longer period to touch the 4500 level unless it trades above 4366 tomorrow and cross 4443-45 levels.
The conditions may very much depend on the US and Asian market cues. But technically Infy is good above 1935+, RIL above 1821, SBI above 1610 and Bharti above 857-59. Incase tomorrow the levels were breached, then the bears pressure is very high and Nifty may see lower levels. If it is a normal profit booking and fresh shorts added Nifty would trade above 4335-39 levels then the damage can be managed with in a few days, otherwise Nifty has good support at 4075-79 levels.
Thursday, August 09, 2007
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