Today NIFTY opened in positive note with some short covering. It was up by almost 60 points but later on it was almost flat. Now we are hearing the case of pledging shares by companies. Yesterday it was GTL while today ORCHIDCHEM pledged its 80% shares and 87% of total is held by McDowell (as per my knowledge, figures may vary). NIFTY is now trading well below all the support levels. Now the major support level is 4786 which is the low of last one year made on 25 may 2010. I will suggest don’t take any fresh position in any stocks because yet the trend is undecided. Strategy for the NIFTY is sell on rise with the SL-5395.
NIFTY levels for 22cd June