#22 Nifty Update

NIFTY opened flat and as expected it took resistance at 5571 (I mentioned in my last report). It was a slow and steady win for NIFTY and Rohit Sharma’s innings yesterday which gave steady win to India over West Indies. Now NIFTY has caught some bullishness to face resistance at 5609 which is a crucial level. 100 DEMA and 200 DEMA are converging around the same 5609 level which is also a ought to be Neckline for inverted “head and shoulder pattern”. Breakout of that level will be crucial to reach the level of 5730-5750 in near term.  RSI and stochastic are approaching overbought level but MACD line is about to cross 0 line towards upside to give strong BUY for NIFTY for long term .INOSYS was one of the large cap which out performed together with RELIANCE. Both stocks are at attractive price for long term together with SBIN which didn’t have much of movement today.
NIFTY levels for 8th June:-
R-5571                  S-5537
R-5609                  S-5502
R-5662                  S-5472
R-5700                  S-5442

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