All the technical charts are suggesting an up move in Nifty. if Nifty crosses 5550 levels in the first few trading sessions, it can go upto 5750 levels. 5760 continues to be a stiff resistance. However, on the downside, 5285 will act as a key support. Bottom fishing is advised.
Sunday, June 19, 2011
If the Nifty breaches 5305 levels, then the market is due for another downside. Otherwise a short upside spurt upto 5460 levels is expected after the market touches the 5305 support. However if 5460 level is broken then the market may rally upto 5640 levels. Staggered bottom fishing is advised in key stocks.
Saturday, June 11, 2011
The market continues to be in bear grip although a major down-slide from these levels doesn't seem likely. Short term traders of Nifty F&O on short side might get caught for a sudden upside movement cannot be ruled out. However for medium term investors, bottom fishing by way of staggered buying is advised. 5375 may act as a strong support. However if 5525 level is overcome on Monday in opening trades with good volumes, Nifty may go upto 5625 levels. But a downtick seems more likely before the upmove.