Weekly analysis : A RELIEF RALLY - 18/05/2012.
A RELIEF RALLY – 18/05/2012.
NIFTY SUPPORT ZONE 4843-4777.
Nifty finally halted the downslide when it entered the support zone at 4843 – 4777 and made a big white body candle. A relief rally will not be out of place considering that the market was in oversold zone for more than a week. But the important question is can a one day bullish candlestick pattern translate into a pull-back. For the pull-back to materialize, the low made on Friday i.e. Sensex 15809 and Nifty 4788, should not be breached. One needs to remember that this is just a Pull-back, which will not reverse the Bearish trend.
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