Nifty Target. Support and Resistance

For 01 Apr 2009

Nifty Resistance :3045-3069
Nifty Support : 2997-2973
Nifty levels 3045 & 2973 may create a good trading volume !

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What market / Nifty did today on Marc 31, 2009?

• In the morning it gave chance to book profit in Fri / Mon Nifty shorts and then gave a chance to buy it and book profit later in the day
• It has hit SL@3040 of Intraday Nifty shorts and then hit SL@3010 of Intraday Nifty Longs.
• The day closing seems to be in favour of Nifty Shorts as it closed below 3040 comfortably and below Nifty Apr Fut average trade value!

Answers of following Questions may decide next course of action :

• Why the Big Bro RIL & Nifty fell drastically just before 3pm today? Although global indicators positive? (RIL & Nifty both gave up about 30 points in last hour)
  
• Why there was panic selling as soon as Nifty came to 3040 (RIL@1540) from upside?
• Why HangSeng also could not hold today's gains as shown in the morning?
• Can this rally continue if DowJones do not close above 7650 tonight?

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Let us check what Market Experts have told today :

• 9:37 AM - Nifty will see resistance at 3040, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz.
• 9:45 AM - Nifty might reach 3100 easily but we are unlikely to see resumption of last week's uptrend, says Sudarshan Sukhani, technical analyst, on CNBC TV18.
• 9:51 AM - Key level of the Nifty for intra-day today would be 3020 and 3025, says Rahul Mohindar, technical analyst, on CNBC TV18.
• 10:11 AM - Sell IFCI with target of Rs 17.75, says Anil Singhvi, market expert, on CNBC Awaaz.
• 10:25 AM - Nifty will range between 2950-3100, says Ashwani Gujral, technical analyst, on CNBC Awaaz. He advises traders to buy at 2950-2970 and sell at 3100 levels.
• 10:45 AM - Buy Tanla Solutions with target of Rs 40, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 28.50, he adds.
  
• 11:20 AM - The market should see a recovery either by day-end or tomorrow led by banking, RIL and Infosys, says Deven Choksey of KR Choksey Securities on CNBC TV18. The Nifty is likely to remain ranged between 2760-3150, he adds.
• 11:28 AM - Buy DLF on dips at around Rs 135-140, says Ambareesh Baliga of Karvy Stock Broking on CNBC TV18.
• 12:54 PM - Buy Reliance on decline with short-term target of Rs 1570 and medium-term target of Rs 1620, says E Mathew, technical analyst, on CNBC TV18. It has support at Rs 1490-1475, he adds.
• 1:23 PM - Buy Dish TV after it crosses Rs 28-29 for the long term for more momentum, says MB Singh, technical analyst, on Zee Business.
• 2:42 PM - Buy RIL with a target of Rs 1605 and stop loss of Rs 1500, says Hemen Kapadia, technical analyst, on CNBC Awaaz.
• 3:17 PM - Go short on Nifty with a target of 2850 and stop loss of 3100, says Ashwani Gujral, technical analyst, on CNBC Awaaz, as closing market strategy.
• 3:17 PM - Maintain Nifty long with a target of 3097 and stop loss below 2975, says Rahul Mohindar, technical analyst, on CNBC Awaaz, as closing market strategy.
• 3:23 PM - Sell Sterlite Industries with a target of 330 and stop loss of 360, says Prakash Gaba, technical analyst, on CNBC Awaaz, as closing market strategy.

This is only for educational purpose,
this is NOT a trading idea for intraday or delivery