Tuesday, March 17, 2009

Nifty and S&P 500 still in range

Dear Readers,
Yesterday I posted my levels for both S&P 500 Future and Nifty Future. Here is what happened and what is there to expect now:

S&P 500 Future:
I said 749 should be good support and it is still holding! In fact 749 is the low of today! Well, if it breaks today, then the other levels I posted yesterday are there (731 - 715 - 704). But, I think today we might see a test of the upper level - 779 (at the time of writing this post it is trading near 754). 779 is very important for the time being and it should be watched carefully.

Nifty Future:
I can not be more more accurate than I was yesterday! I put support at 2730 and resistance at 2805 AND today Nifty future made a high of near 2804 and low of 2730! So, today we could not see Nifty Future break either side of my first range -> 2730 to 2805. I hope tomorrow there will be a break of range either side, let us wait and watch, in the meantime, keep my yesterday's levels handy.

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