#24 Nifty Update

NIFTY opened flat as the SGX NIFTY was flat in the morning. NIFTY today was playing boring like a 50 over match in West Indies. It closed around 5521 just a minor change regarding the last close. Major news today was of MTNL and HCL-Infy who had made a cartel to increase bid price in CWG broadcasting rights by almost 400 crores where as on Political front Baba Ramdev has declared to create an armed force of 11000 people if the government didn’t agree to his demand. On the stock side everything was almost flat while Hero Honda was down again and made low at 200 DEMA at 1736 while LT and Reliance were few from the gainers today. Still market is yet to decide its of path movement. I feel market is playing range bound between 5482 to 5609 which forms a “RECTANGULAR FORMATION”. Breakout at the either level will decide the further run of the market. But my instinct says it will be BULL Market so Buy NIFTY with short term SL-5482 and Long term SL-5442.
NIFTY levels for 10th June:-
R-5550  S-5482
R-5575  S-5442
R-5609  S-5405
R-5650  S-5375

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