Nifty traded most of the time within 5955-6024 in last week. Selling seen in 3 days and Indian markets surged sharp last Friday after following news in media and Economic times website:-
News at 11:40am on 24-12-2010 economictimes.com:-"The finance ministry has shot off a fresh missive to the labour ministry asking it to invest a part of the Rs 5 lakh crore corpus of the employees’ provident fund savings in stock markets"
Link of the news is as follows:-
http://economictimes.indiatimes.com/news/economy/finance/finance-ministry-again-asks-labour-ministry-to-invest-part-of-epf-in-markets/articleshow/7153801.cms
As 3 days selling therefore Nifty firstly slipped,got support below 27% retracement level,almost tested and closed near the top of the week. As last Friday up move was on the back of positive news therefore sustaining above the top(6069) of last 25 sessions is must for confirmation of break out and intermediate term trend turning upward. Mentioned last Friday news is strong and its coming into being will mean strong rally in Indian markets after generation of huge investible funds. Break out will mean decisive strong rally toward all time high after clearing following reistances:-
1- 6040-6070
2- 6080-6120
3- 6180-6195
4- 6250-6320(strong resistance)
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
