Nifty surprised everybody in the morning session by immidiately recovering into positive territory after opening on 18 Feb, 2009. However, it met with resistance in all upmoves and finally ended the day on a flat note.
Now for Thursday, 19 Feb, 2009, once again Nifty will try to test crucial support levels of 2750-2760 spot. If broken, we can see fresh shorts building up till 2700 levels. One can look to buy near these levels if Nifty sustains above 2750. If it doesn't, one can short with stop loss placed at 2775 spot. Below 2750, the slide can be quick till 2690-2680 levels.
Inflation figures are expected in afternoon and if they ease further, they might trigger hopes of a rate cut by the RBI. Hence, any shorting is advised only after the inflation news comes out and is taken in by the market.
Nifty resistance at 2775-2800-2835-2860. Support at 2755-2710-2680-2650
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