Nifty 11th July to 15th July 2011

Last week the S&P CNX Nifty closed at the critical level of 5660.65 which technically indicates a 50-50 chance of breaking even or breaking down. The uptrend will resume if the index manages to stay conclusively above the 5742 mark with good volumes. On the downside, if it breaches the 5540 mark a short term bearish trend will resume. Caution is advised at this stage.