:: Nifty Overall View::
Good Morning, Nifty faced difficuilty near Strong Resistance 5374. As posted yesterday if Nifty manage to trade and close above 5352 levels (Spot) then it is likely to test recent 7th April 2010 highs of 5400 levels. But As mentioned earlier Nifty is in OverBought Zone. Due to very low volume in Nifty, Technical and fundamental charts are showing downtrend signal. MARKET may FALL sharply and will RECOVER Very sharply.
Safe Traders are advised to avoid buying in Gap Up Opening, a short term correction may come till 5290. As far as Nifty hold 5286-68, again it may bounce back till 5400, and that’s why we also suggest you to avoid shorting in Gap Down Opening.
Resistances : 5345-5374-5399
Supports : 5330-5300-5272
:: Trend Decider Level :: 5350
:: Todays PreMarket Trades ::
Uptrend
Buy around 5356 with StopLoss 5338
1st Target 5376 2nd Target 5392
Downtrend
Sell Below 5332 with StopLoss 5356
1st Target 5318 2nd Target 5300
If sustain below 5300 for 2-minutes than 3rd Target 5288
Risky Trades
Sell at 5396 with StopLoss 5418
1st Target 5378 2nd Target 5354
:: Be Alert ::
For Risky Traders, Positional Sell at 5418 Level with StopLoss 5458 is recommended Target 5358-5308.
Target Achieved 5374 for Positional traders Entered Above/at 5034 Level with SL 4948 in June Expiry (Booked Profit 340 Points)
:: Some Important Points ::
The progress of the monsoon will be keenly watched.
Bulls expected to consolidate gains - Outlook still positive.
Liquidity is coming back in market; be stock specific.
Invest in Index Funds for Diversifying your Portfolio.
:: Remember Always ::
We suggest to keep at least 1% of its price as SL in All Equity Stocks.
All PreMarket and Live Trades are for Intraday Trading only.
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...WISHING YOU A VERY HAPPY TRADING...
