Wednesday, December 28, 2011

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Today Nifty continued its rally north closing at 4776.60, 42.75 points higher forming a third consecutive green candle on the daily chart bouncing back from lows of 4531, last week. The daily chart resistance is expected around 4820 levels. If nifty sustains above 4820, levels of 4850/4870/4910 is possible. On the downside support is found at 4710 levels. If nifty break below 4710, levels of 4650/4630 can be expected.

Weekly chart, nifty breached to close above the short term resistance of 4750. Minor resistance is seen at 4790 and key resistance levels at 4840. If nifty trades above 4840, levels of 4915/4940 can be expected.The other side 4720 is acting as support on weekly charts 4670/4630 can be expected.

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