#38 Nifty Update

NIFTY opened at the level which was the target by rumors i.e, 5710 level which i mentioned in my reports last week. NIFTY was able to close above 5600 for second consecutive day which is a positive sign. Now Monday’s close will be a crucial point. If the market closes below 5600 then we could see a down side for next expiry. Reliance today was bumped by almost 5% creating a bearish engulfing pattern. We could now see reliance near to 840 levels again. Technically speaking, NIFTY has left behind 2 gaps which is expected to be fill as per TA rules. So I would suggest shorting NIFTY below 5600 with SL of 5700 with Targets of 5505/5450/5335 and Buy NIFTY above 5753 with T-5936

NIFTY levels for 4th July:-

R-5650             S-5600
R-5688             S-5576
R-5720             S-5556
R-5753             S-5508

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