NIFTY TODAY : EPISODE 52

Nifty ( Closing ) : 5281.20

NIFTY TREND FOR 28/02/2012
Major Resistance Levels : 5408-5525-5590.
Major Support Levels : 5206-5141-5024.
Short / Middle Term Target : 4950-5010.

Indian share market showed a virtual blood bath today . Nifty lost 148.10 points ( 2.73% ) and closed at 5281.20. Our New target is set at 4950-5010 as the charts show so. It should be noticed that our 2 nd and 3rd support levels high highlighted today at 5326 and 5257 respectively. The latter couldn't break today . But, all the major trend lines reveal that market is turned bearish clearly.

So many reasons can be indicated for this great fall such as rising crude oil prices, worries about U.P. election result, depression in Asian and European stock markets, tensions about Greece and US economy, concerns about inflation in the soil, etc. But, these all facts are already existing and everybody is aware of them.
The ultimate reason is that a correction is needed and charts tell that its the time. Besides , FIIs invested a huge amount in Indian market this year. They might be compelled to book their profit especially , in this context.

It was the forth consecutive session in which market closed in red and it seen a heavy fall today . So, no need to be confused, even a hike seen next session.

GOOD LUCK.....