Expect the Unexpected – this is what market proves. When majority of the people expect bearish trend to continue further then starts the unexpected move in the market in the opposite direction and vice-versa. But we should always stick to the technical analysis and proceed with the trend.
Good relief rally seen not only in Indian markets but also in Global markets after EU leaders agreed a deal to solve the Eurozone debt crisis. The FNO volumes are also slowly increasing with every session.
Finally after one month, Nifty closed above 50Ema (5023) and giving hope for some more upmove after some consolidation at these levels till 5120 spot.
The indicators MACD, RSI also turned positive with yesterday move. Moreover Nifty also sustained to close above Ichimoku support of 5015 in the daily charts almost after one month.
Now 4920-40 acts as key support level downside for continuation of this up-move.
Trading Levels – 4940 – 5020 – 5060 – 5120
Nifty Daily OHLC Chart
Nifty Daily Ichimoku Chart
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