Nothing new as market has been trading in narrow range, Market were already in extremely overbought conditions but were not correcting so now the RBI action of increasing repo rate and reverse repo rate would work as a trigger for overdue correction to come. Breaking of lower trend line(which as of now stands at 5220) with good volumes would take nifty to sub 4900 levels but 5100 area could provide strong support.
Sunday, March 21, 2010
Update : Rising Wedge in Nifty
Nothing new as market has been trading in narrow range, Market were already in extremely overbought conditions but were not correcting so now the RBI action of increasing repo rate and reverse repo rate would work as a trigger for overdue correction to come. Breaking of lower trend line(which as of now stands at 5220) with good volumes would take nifty to sub 4900 levels but 5100 area could provide strong support.
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