Tuesday, February 24, 2009
Daily Chart showing supports & resistance
The nifty almost touched our levels of 2661 mentioned yesterday. The low 2677 made today should act as good support as a hammer , though not a perfect one has been formed. The positive divergences mentioned yesterday helped a good recovery. The daily stochastics has given a buy in the oversold region. So upsides are possible. One could go long with a strict stop loss at 2661 for upsides to resistance points as shown in the chart 2746-2789-2808. If gets resisted at any of these points then sell with a stop above the level to which it rallied. Trade light as the expiry is near.