Tuesday, March 27, 2012

Niftyoutlook March 28

Nifty traded between four important resistance and support zone
  1. Lower level of bollinger band acting as support
  2. 200 SMA acting as support
  3. 50 SMA acting as resistance
  4. Middle level of bollinger band acting as resistance
 On weekly Chart, middle of BB comes around 5085,
     Highest volume can be noticed at 5285 hence bulls need to trade above this level for good bull run, on lower side 5180 would provide strong support
    As per slow stochastic, Nifty is in oversold zone, but one need to wait for crossover.
    Now actual fight between bulls and bears is to protect 200 DSMA and then  20 WSMA(middle BB on weekly chart). Equally strong is daily bollinger band.