Market Overview - CashTheChaos

Daily Outlook for Feb-27-2008

Nifty

NSE Nifty(5270.05):A steady positive trend kept the broad indices in the green all through the day and Nifty ended the day with a gain of 1.33%. Although the recent gains seems to be improving the near term picture, the markets are headed towards fairly significant resistance zones between 5400 & 5565, besides the high of last week. If markets do manage to close above the highs of February, the probability of the January lows being a mere trading bottom may have to be reconsidered. Until such a scenario emerges, we may be better off considering the path of least resistance to be down. The support for the Nifty are at 5120, and 5010 and resistance is projected at 5300 and 5405.

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