Today's weekly/monthly close will be important for NIfty and world markets... Watchout for the credit policy today

NIfty View:


Last hope for Bulls is the two converging green lines which meet at 4800-4810...

And the 2 reasons apart from this is:
1)The low made on 27/11/2009 of 4806 is a very important level and should hold..
2) Relative Strength Index is at extremely low level. We know that RSI can stay at lower levels for longer periods but RSI can't go in negative... It has to stop falling further first

If 4800-4810 holds for Index then we can see Nifty bouncing back to 4910/4950


Dow Jones View:

10100 on closing basis is still holding, A close below 10100 on DowJones will open gates for 9700-9750 which is also the 23.6% retracemenet of the entire rise from 6450 to 10750.




FTSE (London ) View:

5000-5100 should act as an important support for FTSE (London) because of 2 reasons
1) Trendline support joining all important lows since March
is at 5000
2) 5066 is 23.6% retracement level of entire upmove from 3500 to 5550
So this downmove should stop here to make a fresh uptrend


Have a Nice trading Day

Regards

Ankit