Nifty At A Deciding Point, Near The Moving Averages

Nifty the benchmark index opened gap up on Tuesday by 32 points at 10615. The index has seen a three day rally on the upside from the levels of 10341 and first day profit booking was seen after it crossed 10630 levels. Nifty went on to make a low of 10537, therefore it shows that Nifty is a no trade zone until it breaks 10650 levels on the upside and 10530 levels on the downside. According to our Strategic Technical Analysis it is seen that 10650 is a resistance zone(50 SMA ) and a move above 10650 will lead to another 100points rally till 10750 levels. And on the downside if it breaks 10530 levels it will come down to 10400 levels(100 SMA).

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