| Anand Rathi: Market bias turning positive |
| Our Markets Bureau / Mumbai August 09, 2006 |
| Anand Rathi Securities in its daily technicals says that Nifty and Sensex have exhibited a bullish candlestick and they have gained ground and the close of the indices was above the previous day's high level. This has bullish implications and it indicates the possibility of a further rise in the near future. The bias is turning positive with support for Nifty at around 3100 and for the Sensex at around 10,600. One may use these levels as the stop loss levels for long positions for the time being. On the resistance front, the Nifty faces resistance at around 3225 and the Sensex at around 11,050. Technically, violation of these levels may indicate the possibility of a faster rise. On the average front, the indices are trading above the short-term moving averages and this has bullish implications and this in turn raises hopes of an upward break-out. In the punter |
