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Nifty Futures

nifty-futures

Nifty Futures

(Updated on 18-06-2012 Time 08.00 AM)  
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Market is showing strength and trading in resistance area.
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As indicated earlier it has entered area of strong resistance
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and multiple barriers i.e 5129-5159-5159 at higher levels.
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5108-5090 are good intraday support.
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If trades above 5159 with volumes

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then expect 5177-5199-5216.

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..

5238-5269 may not be ruled out on the
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back of positive news flows.
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If brakes 5080 with volumes for 10-15 minutes
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it may drive lower to 5039-5020.
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Chances of market sustaining above 5200
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levels and holding it for
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considerable time are remote.
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Hence it is not advisable for traders
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to create fresh long and hold long
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position in this zone of multiple layers of hurdles.

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Mr.Guru is a registered investment advisor for Moneymunch, he is a regular guest on popular channels and writes for several newspapers and financial journals. They've black magic of stock market analysis because studied charts over 20 years.

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