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Nifty support levels

Discussion in 'Technical Analysis' started by vishuhd1, Oct 10, 2012.

  1. vishuhd1

    vishuhd1 Member

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    Hi All,
    Can anyone please tell me what will be the support levels to which NSE could stop on the downside ?... Its trading at 5656 now..

    I looked at the chart.. I see the near term support at 5649.. If this level is breached, then the nifty can go as below as 5554.. Please correct me if I am wrong here.. Thanks..
     
    vishuhd1, Oct 10, 2012
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  2. shabbir

    shabbir Administrator Staff Member

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    I don't see support before 5450 and that is also not very convincing support.
     
    shabbir, Oct 10, 2012
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  3. vishuhd1

    vishuhd1 Member

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    Thanks very much Shabbir..

    From the charts, the 20 day SMA is well above the 50 day SMA levels.. Also, 20-day EMA is well above the 50-day EMA.. But the nifty is slowly coming off the higher bolinger levels..

    So, can I conclude that Nifty is still in uptreand?...
    Thanks..
     
    vishuhd1, Oct 10, 2012
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