Sunday 5 October 2008

Nifty has support at 3790-3500: Reliance Money

According to Reliance Money's Morning Notes, Nifty has support at 3790-3500 levels.

Reliance Money's Morning Notes:

It was much of a ranged action between mentioned levels of 3790-4000 on NIFTY as sell off continues. BEARS however were seen in complete control on last trading session with many of heavy weights losing more then 5% in single trading session. Inflation finally slipped below 12% after remaining above 12% for past thirteen week. For the week ended 20th September, 2008 inflation came at 11.99% as against 12.14% a week ago. As mentioned earlier, current scenario by and large remains in favor of BEARS unless NIFTY does not close above 4640 levels. Start of Q2 season late next week may see some positive momentum; however direction of capital flow from/to Equity will hold key to further direction.

On daily closing basis resistance around levels of 4000 and then at 4240 will be crucial in case of an up move while any close below levels of 3790 will be negative and further sell off towards 3500 highly probable. Nifty has support at 3790-3500 levels.

Source: MoneyControl

Posted by Harsh at 21:08

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