Nifty

#34 Nifty Update

NIFTY was a “DOUBLE DHAMAAL” with 2 consecutive bull trading session. This wasnt expected by the market players but as i said in my previous reports market resisted near to almost 5570 levels which is a 200 DEMA. I had even asked you all to buy NIFTY around 5320 levels with a target of 5556 which is achieved today. NIFTY closed around 5530 which is a positive sign but technical speaking tomorrow you might expect some downside movement. On Friday NIFTY had opened with a gap up of 20 points which market has to still fill up and so expect market to take support around 5300 levels. A probable inverted head and shoulder is in formation with 5600 as a Neckline but before that it should come down to levels of 5330 to make it a valid formation. Diesel and LPG price hike was taken positively by the investors as it was a necessary to control inflation. Government reduced excise on diesel by rs.2.6ltr and 5% was reduced on custom duty of Crude oil but still government will make profit worth of Rs. 21000cr which is a good relief on fiscal side. Now the short term strategy will be sell on rise with target of 5340 with a Stop loss on closing basis of 5586.          But in market rumors are spreading that in next 2 days market is expected to touch 5720. So be CAUTIOUS!!!!
NIFTY levels for 28th June:-
R- 5567            S-5500
R-5582             S-5476
R- 5600            S-5442
R-5650             S-5400

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