MTECHTIPS

MTECHTIPS:- NIFTY

Nifty  gave a  positive opening on  Wednesday and  the  index 

witnessed strong buying in beaten down stocks, and short traders 

were seen exiting short positions above 4900 levels. The  index 

managed to give a strong rally and closed the session with huge 

gains.

Nifty saw one of best rally in 2012 with Nifty up 2.75% and Nifty 

managed to cross 5000 levels and if Nifty holds 4950, then higher 

levels of 5090 & 5150 is possible. Nifty has to hold above 200DMA 

5064 for 3-4 days on closing basis for renewed strength or these 

kinds of bear rallies can fizzle out soon. Nifty failing to cross 5100 

in next 3-4 days then chance of Dead Cross being made in Nifty is 

very high which is very negative for markets.