#8 Nifty Update

NIFTY boomed today with another century in recent times. NIFTY was expected to be down but was positive today because of US and other Asian markets were positive last night. NIFTY for first few hours hovered around the 5783 level which was our first resistance level. Around 11pm it showed some negative side on the news of 2G scam which stated that Court didn’t permit bail to DB Reality, Unitech and RCom Executives. But that news didnt sustain for much time and NIFTY remain positive and boomed after then with unbeaten Century. NIFTY daily stochastic and MACD are still showing some bearish trend for the index. Tomorrow we might see some profit booking and on Friday market are closed on account of Good Friday. NIFTY crucial level is yet 5937.
NIFTY levels for 21st April
S-5823         R-5886
S-5790         R-5937
S-5742         R-5985
S-5700         R-6015

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