Nifty has been moving in an extremely tight range with volatile movements for the past couple of days. The movement has been largely speculative with swift moves on both sides. Traders are advised to be extremely cautious in such conditions.
Nifty is expected to open slightly on the negative side on 5 Feb, 2009. It faces resistance to cross 2800-2825 levels and very strong resistance at 2855 levels. It will get support at 2775 and 2750. Below 2750, the fall can be accelerated till 2700 levels.
Positional buying in NIfty is not recommended until it closes above 2875. Intraday, buying can be considered near support levels with tight stop losses. Traders can short near resistance levels of 2825-2830 with stop loss at 2855-2860. One should stay on the sidelines between 2790 to 2820 levels.
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