NIFTY: The Trend Deciding Point Works Out At 8739 Mark
eForex Trader | Feb 05, 2015 12:30AM ET
For Thursday, February 5, 2015, the trend deciding point for the day works out at 8739 mark. Since this level is very near to the recent close of 8757, there are chances that this level could be breached. If this level is breached, then Nifty is expected to move towards support zone of 8671 mark. But this is possible only if there is a sharp down move. On ascent, the level of 8808, the first weekly support, which should now act as a resistance, is the first objective. In case of a sharp up move, the crossover of this resistance is to take Nifty to the next level of hurdle, which emerges at 8877 mark. The intermediate resistance stands at 8780 mark. If there is not much demand, then Nifty can reverse from here instead of 8808 mark. On the other hand, the intermediate support stands at 8723 mark. If there is not much supply, then Nifty can reverse from here for upside, instead of 8671 mark.
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