#26 Nifty Update

NIFTY opened on positive node as global markets were all almost positive. But surprisingly Reliance Industries was the loser like our Indian Cricket team in yesterday’s ODI. NIFTY made low at 5484 near to my support of 5482. Yet NIFTY has to breakout on the rectangular formation between 5482-5609 on closing basis. But on other side I am more biased towards the formation of right inverted shoulder by NIFTY’s current movement. As I am mentioning since few reports, inverted head and shoulder is about to break-out at 5609 levels. RSI and MACD has almost started pointing towards the bull phase. For the frontline stocks TCS and SBIN seems to be good buy while be cautious on Reliance, Hindalco and Maruti.  So, I still hold my strategy of buying NIFTY on dips with strong SL of 5442.
NIFTY levels for 15th June:-
R-5525                  S-5482
R-5558                  S-5442
R-5603                  S-5400
R-5650                  S-5483

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