Nifty has support at 2820: Reliance Money
Published on Friday, January 9th, 2009 at 9:31 AMAccording to Reliance Money’s Morning Notes, as for short term any close below levels of 2820 of NIFTY we may witness continuation of current momentum sell-off.
Reliance Money’s Morning Notes:
Once again NIFTY unable to pass acid test in the region of 3150-3200 made sharp reversal. Negative global markets and Satyam’s scandal shook investors confidence leading to sharp sell-off. Heavy selling was observed by both FII and DII with higher volumes and extremely negative market breadth. Fresh round of rumour on D-street impacted market sentiments adding fuel to fire. As for short term any close below levels of 2820 of NIFTY we may witness continuation of current momentum sell-off. While on higher side levels of 3020-3050 range will act as a strong hurdle. Global cues may not be so important for market with negative domestic issues at hand. High volatility & wild swings may make trading extremely difficult. Traders are advised to remain away from intra-day trading.
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