#18 Nifty Update

NIFTY opened with positive mark and remained in green today with the close at 5592. Today it was not able to break the neckline for inverted head shoulder and also the 200 DEMA at 5610. We expect some profit booking tomorrow. Good news for Gujarat as Maruti is planning its 7th Factory in Sanand. Gujarat government has also invited companies like Ferrari Spa, Hyundai and Ford India. If Narendra Modi’s dream is successful in getting all the companies in Gujarat then we can be the automobile hub of India. NIFTY tomorrow is with some mixed bias but for the long term investors BUY NIFTY on dips with the SL of 5442.
NIFTY levels for 2cd June:
R-5613                  S-5564
R-5640                  S-5517
R-5698                  S-5491
R-5722                  S-5442

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