NIFTY Daily Technical Chart Analysis:
NIFTY fell below a significant support line at the 5600-5610 levels today. The market opened gap-down and recovered slightly only towards the end of the trading session.
Since Feb 2011, the 5610 levels have displayed strong resistance, with only occasional spurts above this limit during the past 5-6 months. Once again the market has fallen below this level and so there might be a tendency to fall further. The index is expected to be turbulent over the coming few days. Until it goes about 5610, avoid taking any long positions on NIFTY.
NIFTY Daily Technical Chart Analysis
