The uptrend that Nifty gave on breaking 2860 is over now as it closed below 2800 yesterday. This has opened up bearish targets of 2680-2630 now. This bearish outlook will change only if we close above 2890 now.
For Wednesday, 18 feb, 2009, Nifty is in the oversold region and a technical bounceback is not ruled out. However, with negative global cues, we are going to open on a negative note and a lot of selling pressure can be seen on every rise. 2755-2765 spot Nifty level is an important support zone which can be broken with gap down opening. If Intraday Nifty is able to cross this level, we can expect some bounce back from oversold region. If we trade below this level, Nifty is expected to test 2700-2680 before any bounceback.
Nifty resistance at 2765-2795-2830-2860. Support at 2710-2680-2650-2635
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