Posted by: Babu Suresh | March 3, 2009

Spot-Nifty-03-Mar-09

Spot-Nifty-Chart-1M-ChartSpot-Nifty-1M-03-03-09

While unable to break my yesterday’s resistance 2991 (refer 02nd March 09 post), coming very close to 2688, she went on breaching all my supports firmly and closed above 2600.

I feel today’s Nifty’s fall, although severe, was comparatively with much less strength. Therefore, I expect her to rebound in the coming sessions.

I am sure by now our media guys would be very busy predicting new lows, shaking their heads, pretending to be disappointed and depressed about the market’s status and some of their analysts making all possible gibberish analysis, which I am hopeful at least the anchors understand, if not you and me.

2609 is an important nearby support for Nifty spot, breaching which, she has all the possibilities to test 2582, 2572, 2563 with the resistances at 2640, 2649

Spot-Nifty-5M-ChartSpot-Nifty-5M-03-03-09

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