#11 Nifty Update

NIFTY was a bit volatile like KKR’s form in IPL this year i.e., opening was bad start but then recovered gradually to end almost flat. Market mover was SBIN with almost 40 rupees down but at end it was few bugs in green. There were no major negative vibes in CNBC news wire today but it was a expected correction before this expiry.  NIFTY today tested our both extreme levels 5776 and 5937 but couldn’t break through anyone. NIFTY daily indicators are yet mixed bag with few indicating bull run while few are on the bearish side. NIFTY cash has created a Dragon Fly doji on daily chart indicating a strength for bull run. On intra day basis NIFTY had pierced the level of 5 and 10 DEMA but again it bounced back and closed way above both the levels. Even on Weekly and Monthly chart we are seeing a Spin Body which also indicates that the market could move on either side. Tomorrow look out for the results of Abott India, Wipro, Patni and Exide to name few. NIFTY yet to decide the direction of its run.
NIFTY levels for 27th April:
S-5856      R-5923
S-5835      R-5940
S-5804      R-5986
S-5785      R-6010

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