NIFTY today was like KKR in IPL 4, came out with surprises from right to the bottom level to almost 100 points up but as KKR was not able to make up to the finals so did NIFTY couldn’t reach out 200 DEMA i.e., 5612. NIFTY broke out at 5517 level which indeed made our probable inverted head and shoulder a false sign. Now NIFTY is looking strong towards upside move. GDP data were out today but it didn’t affect the index to larger extent. India's GDP grows at 8.5% in FY-2011, Q4 growth at 7.8%.Eye catchers in frontline today were JPA, HDFCBANK,ACC, DLF and SBIN with almost 3% up. SBIN still looks strong to buy for longer holding period i.e., around 6 months. Now a major resistance for NIFTY is 5612 and major support at 5442 level. Now we could figure out another “inverted head and Shoulder” with neckline of 5609. We might see a bounce back upto the level of 5442 once from 5609
NIFTY levels for 1st June:
R-5600 S-5517
R-5623 S-5482
R-5650 S-5442
R-5700 S-5400
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