Sunday, May 29, 2011

#15 Nifty Update

M back!!!! Had a long break and was out of touch for NIFTY but now I have been back on track….IPL results have been disappointing me but the Corporate results for last quarters are just outstanding and most are beating up street expectations. TATA Group and ADAG Group of companies has been most out performed in the Stock market which has shown some futuristic bull run for the NIFTY index. We could witness a small “Inverted head Shoulder Pattern” in NIFTY as indicated in the graph. If it got to validate the formation then we could see NIFTY resistance at 5517 and then bounce back to around 5400 from where we could buy it for long term. Long Term traders can start buying NIFTY on dips from very levels.
NIFTY levels for 30th May:
R-5500                  S-5445
R-5517                  S-5400
R-5541                  S-5367
R-5613                  S-5328

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