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Saturday, October 1, 2011


The Nifty have been riding this pullback mainly on the back of the IT index. Chart below shows the index is channeling and is now hitting the upper channel line. The upper Bollinger band has also been hit. And it has also retraced 50% of the BIG fall.Divergence is seen in CCI(8). Its striking on the same price resistance for the past 3 days and unable to clear it. Looks like it is coming down soon from these levels.

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