Nifty Technical Forecast Update 2

Mar 16, 2011 - Nifty Closed today at 5511.15 which is up by 3.336% for month to date (compared to Feb 28th 2011 Close of 5,333.25).

With reference to my earlier update , There are 3 days in intraday in which Nifty touched its 200 days EMA of 5568.10. Those 3 days are Mar 03, 04 and 09. There is enough retesting of 200 days EMA is done in the last two weeks.

To watch Nifty Index in google finance, visit the following link:

NSE Index in Google Finance

Now Nifty is trading with range bound between its 21days EMA and 200 days EMA that would be 5482.50 and 5560.68. I think Nifty will eventually regain its support level of 200 days EMA and creates euphoria between the investors before it leads to panic...

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