Sunday, August 1, 2010


After bounce from 4967 Nifty has given breakout from 5150 on 14 June and touched 5478 level made a higher top on 23 June which confirms remaining uptrend of nifty.Now nifty may create higher bottom continuing it's uptrend. Nifty may touch 5150 level within few days. it will be healthier correction for Indian markets. After 5150 Nifty may kiss new highs at 5600 level in few weeks. Bank and Auto index has out performed in the last rally. IT, Banks, Realty,Auto index may perform in next rally.Nifty has crucial support at 5350 level which is breached on Friday 30th July. Another strong support at 5300 for Nifty while a strong resistance zone is at 5430 level at EST charts. Above 5450 Nifty has strongest resistance where Bears have created new shorts on Nifty future,which will suppose to cover between 5200-5150 levels.Nifty 5500 strike call has new shorts in current series to confirm the correction from this level Nifty 5500 strike call has added new 830100 new shares in its open interest which indicates very strong resistance zone around 5500 level.