#29 Nifty Update

NIFTY opened in red as it was expected due to the global concerns. Today NIFTY made a low at 5356 which was the most crucial for rounding formation as I mentioned in last few reports. NIFTY is trading in too range bound and intraday traders are not able to get much gain from either side. MARUTI finally got rescue from the strike and production to start soon. Nothing was much in news today which could drag NIFTY up. RELIANC and Infosys were the most banged today from NIFTY 50 stocks while banks like SBIN were fairly good and many intraday traders got handsome returns by buying at low and selling at todays high. Now next two crucial supports are at 5335 (double bottom support) and 5300 (Fibonacci retrenchment support of 61.8% from the 52 week high of last one year). Now its risky to go short at this level because rounding formation is complete and NIFTY might bounce back from crucial supports in intraday. Only go short below 5300. Now the focus will be only on one formation “double bottom “ at 5335.
NIFTY levels for 20th June:-
R-5400  S-5335  
R-5442  S-5300  
R-5482  S-5232  
R-5525  S-5196   

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