Markets should see a recovery
Posted by
Srinivas
Despite breaking the specified support level of 4,600 and touching a low of 4,448, the Nifty closed at 4899. The close above the 200 days moving average of 4,888 is a positive.
According to Kamalesh Langote of vfmdirect.com, the markets have a trend-line support at 4,600 and are trading well above the 200 days simple moving average levels.
The candlestick pattern formed on Tuesday is decidedly bullish. The markets are in an oversold zone as the five days relative strength index is at three and 14 days RSI at 17.
Source: http://www.rediff.com/money/2008/jan/23crash.htm
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