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NIFTY SHOW

As expected nifty open gapped up on positive global cues ,however it faced a resistance  around 5434 levels and couldnt sustain the gains.On 7/02/2012 nifty took a support of the 200 DMA and closed in green.taking note of this bulls showed a tremendous  comeback as next day nifty opened gap and closed at the dayhigh levels.bullishness of nifty still remains intact,this week seems choppy since the budget is yet to spill the beans.Also MACD is trading above the zero line giving more weight to bulls.
                                                                                                   As long as there is no big negative event or news which will cause any bearish empowerment,nifty can be traded  long .The daily chart of nifty has also been presented

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