#37 Nifty Update

NIFTY was a boomerang today with a volatile session but at the end it gave a end above the crucial breakout of 5600 at 5647. NIFTY has to close above 5600 level one more day to confirm the false formation of inverted head and shoulder. Next resistance level is 5720-5750 which a Fibonacci retrenchment level of last one year is. RSI and MACD on daily chart are showing strength for bulls while stochastic is showing some profit booking for almost 50-70 points. Greece bailout plan was final passed yesterday which gave a boost to all markets around the world including commodity markets. Indian Inflation is gonna possible stable near 6.5% mark by March 2012 as said by PM. Today being expiry in last few mins heavy buying was seen in the market. NIFTY now seems to have catch up a good move so strategy is to buy NIFTY with Targets 5720/5936 with a SL of 5575.
NIFTY levels for 1st July:-
R-5688             S-5600
R-5700             S-5576
R-5731             S-5556
R-5750             S-5508

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