#20 Nifty Update

AS expected NIFTY opened positive and resisted near 5600 level which was also mentioned in my last report. SGX Nifty was almost flat at the opening. NIFTY was in red which was some profit booking. Now it seems that market may test the levels of 5442 to confirm our inverted head and shoulder pattern. ADAG was rocking as Anil Ambani was out of the 2G Scam. All its scripts were up by around 5%. Today we also had an AGM of Reliance Industries, but nothing exceptional was mentioned by Mukesh Ambani. Investors were expecting news regarding the telecom sector company which they acquired last year. On Monday we might see some upward movement initially but on downside we may see levels of 5442 if it isn’t closed above 5613.
Nifty levels for 6th June
R-5567                  S-5507
R-5600                  S-5492
R-5617                  S-5442
R-5629                  S-5400

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