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Monday, March 07, 2011
Sunday, March 06, 2011
5600: A CRUCIAL RESISTANCE
The week gone by turned out to be an extremely good one for the market as benchmark indices surged 4.4%, the highest percentage gain after the week ended 5th November 2010. Nifty closed in green on all the four trading sessions of the truncated trading week. On Friday however, the benchmark encountered a stiff resistance in the vicinity of important resistance levels, viz. 200 Day Exponential Moving Average and immediate previous top placed at 5601 and 5599 respectively, and slipped more than a percent from the top of the day to close at 5538, still gaining 235 points or 4.4% compared to previous week.
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