Nifty has resistance at 3440: Nirmal Bang
April 9th, 2009
The undertone of the market is optimistic and confident as the market volumes are increasing and focus is shifted from the frontline to the midcap and the small cap stocks. In today’s session we have seen the BSE Midcap Index moving up 3.1% and the Small Cap Index up 4.47%. This clearly gives an indication that this intermediate rally is going to continue and one should
participate at every lower levels.
“This current trend could be in danger if nifty breaks 3,155 in the near term”. A trade below this level can take nifty to 3,035 or 2,960 levels. So maintain a strict stop-loss a higher levels.
For today’s session intra day support for nifty exists at 3,220 – 3,155 and resistance is placed at 3,440.