Nifty Futures is at 4720. This level was the low on August 29, 2011. This zone was revisited on 4 October. This level was broken on 23 November. Today Nifty has found resistance at this zone. This zone will serve as important resistance if this downmove is to continue.
Also see the importance of this zone in March 2008 after the crash and also in June 2009 after the election gap-up.
A decisive close beneath this is bad news for the Bulls
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