Wednesday, July 23, 2008
What a blasting move today!!! Nifty was almost 6% up !!! And the surprising thing is the today's volume is reminding me of pre-Jan levels !!!
Looking at the Daily chart, Nifty got past the 34 Day EMA (red curved line) and even surpassed 50 Day SMA. Today it closed near the crossover of Line 2 and Line 3 - another big resistance area(the red encircled). It should get a lot of resistance here, but if it manages to get past it, then the final resistance according to trend lines, will be around 4620 - 30.
One more interesting thing is today, FIIs were big buyers and DIIs net sellers. We can have our guess as to what was the reason for that...
Thanks & Best Regards