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Bhardwaj
Explanation as per graph For Nifty 20 day moving average is still working as support. But MACD has just crossed the signal line, suggesting further downside movement. Shorter period moving averages are moving closer to larger period moving average from top verifying the possibilities of further downward move. Bollinger band has also started converging. The upper long line is still intact and working as resistance. If it breaches the 20 day moving average it should get support at around 5500 levels where 50 day moving average is coming , then at 5350 levels from where market has taken support in earlier, for a number of times.
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Credit rating agency Crisil has changed the Index of Industrial Production ,the IIP from 1993-94 to 2004-05 from June. edit rating agency Crisil said the revision of base year for calculating Index of Industrial Production (IIP) is expected push up GDP growth for 2010-11 to 8.9%, from the current estimates. HDFC Q1 PAT seen up 31%. Housing starts data (US) in the evening.
European market saw the effect of results of stress test which were declared after market close on Friday. All the Major indices were down more than 1.5 %. Asian markets are trading down today.
Earnings season is on but we will witness a damp season. FII movement is dicing the domestic traders, keep a watch on those data.
My opinion /advice Do not make long positions in Nifty futures now. People who are having short positions in the market can hold there positions. Nifty should try to move towards 5500 .If it breaks 5500 level on closing basis the next support is around 5350.
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