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Nifty setup: Reversals look encouraging, risk-rewards favour buy
"Change is in the air", Christine Lagarde, managing director at IMF told reporters in Delhi. In an interview with NDTV’s Vikram Chandra, she said that the European crisis was less acute but not behind us.
22 Mar 2012, 10:50 AM IST 
Sony CEO Kazuo Hirai, left, listens to former-CEO Howard Stringer | Source: AP
Wednesday’s session saw the Nifty bounce right back above the 21- Double Exponential Moving Average (DEMA), the highlight being stock specific reversals in many large caps.
The medium term and long term risk rewards continue to remains bullish and a short term bullish continuation setup could be in the making.
The daily momentum has also started to turn up and should trigger fresh buys anytime soon.
This means that recent lows at 5,171 and 5,233 should hold from hereon. The buy side risk rewards remain very favourable and targets at 6,000-6,050 are possible.