Friday, January 28, 2011

Nifty spot closed quite below 200 DMA in highly oversold zone

Nifty spot closed quite  below 200 DMA  in highly oversold zone ...Nifty spot traded between 5801to 5460  and closed at 5512...almost 1% above the days low ...this 1 % move from 5460 to 5512 is retracement  or Nifty/ market is indicating that some buying interest is emerging at lower levels  ...

Messenger Clips ...

Mukesh (1/28/2011 2:59:04 PM): Intraday short covering from 5460...if today low not taken nw and close above 5500 then it will move toward 5650 but willbe only a upward correction move..and not be teji
kailash Chaturvedi (1/28/2011 2:59:20 PM): ok
Mukesh (1/28/2011 3:04:55 PM): Reason is mojor nifty stocks are below 200 ema..few are up like acc/grasim..but that also wl follow suit..idbi near went below 200dma and on result reacted but will ultimately go below,sbi,reliance..tata power,siemens,bhel

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