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Support for Nifty is at 6020: Gaba

Source : SIFY
Last Updated: Thu, May 09, 2013 05:18 hrs

Nifty (6069.30): we said "technically the market trend is still intact up as long as 5975 holds....so the key is the level 5975. The support for Nifty is at 5975/5850 and the resistance to the up move at 6080-6100” the market unfolded as expected managing to stay above the crucial 5975 mark and closing in the green.... technically the market trend is still up but the bar generated for the day is an indecisive bar which is capable of turning the market around after a prolonged up move and against the psychological 6100 mark and after touching the psychological 20000 mark....I would now say that hold long as long as 6020 holds....incidentally our resistance of 6080 has been hit like a dot....

The support for Nifty is at 6020 and the resistance to the up move at 6100-6010

Prakash Gaba is a professional technical analyst and a trader based in Mumbai and runs his own consultancy.


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