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Rohan
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| 14 March 2011, 20:49:30 |
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Today, Nifty formed a bullish candle after four bearish candles and erased fear about further fall in the existing levels. Today indices witnessed volatility with positive bias. Nifty broke the vital resistance level of 5,480 and 5,520 and maintained to close above these levels. Nifty also broke the vital support level of 9 and 14 SMA placed at 5,509, 5,456 and these level will act as a new support level in coming days. Nifty is trading below the 50, 100 and 200 days SMA which are placed at 5,588, 5,801 and 5,670 respectively and these levels will be acting as the resistance in the coming sessions. VIX closed at 23.30% which is a lesser when compared to last trading session’s value of 24.33%, thus indicating less volatility in market in the forthcoming sessions. RSI (14) for the day was at 52.35 levels and MACD was above the signal line, thus combined together they are giving the signals that market may witness ranged movement in the coming session.
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