Nifty spot closed quite below 200 DMA in highly oversold zone ...Nifty spot traded between 5801to 5460 and closed at 5512...almost 1% above the days low ...this 1 % move from 5460 to 5512 is retracement or Nifty/ market is indicating that some buying interest is emerging at lower levels ...
Messenger Clips ...
Mukesh (1/28/2011 2:59:04 PM): Intraday short covering from 5460...if today low not taken nw and close above 5500 then it will move toward 5650 but willbe only a upward correction move..and not be teji
kailash Chaturvedi (1/28/2011 2:59:20 PM): ok
Mukesh (1/28/2011 3:04:55 PM): Reason is mojor nifty stocks are below 200 ema..few are up like acc/grasim..but that also wl follow suit..idbi near went below 200dma and on result reacted but will ultimately go below,sbi,reliance..tata power,siemens,bhel
Messenger Clips ...
Mukesh (1/28/2011 2:59:04 PM): Intraday short covering from 5460...if today low not taken nw and close above 5500 then it will move toward 5650 but willbe only a upward correction move..and not be teji
kailash Chaturvedi (1/28/2011 2:59:20 PM): ok
Mukesh (1/28/2011 3:04:55 PM): Reason is mojor nifty stocks are below 200 ema..few are up like acc/grasim..but that also wl follow suit..idbi near went below 200dma and on result reacted but will ultimately go below,sbi,reliance..tata power,siemens,bhel
