Monday, May 25, 2009

VIEWS FOR 25-05-2009

So nifty gave a
intra day bounce from a very crucial point around 4180 from the short term perspective. Nifty remains weak though as long it's trading below 4303. Sustaining below that level can bring nifty again down to more lower levels. But as we bounced off from a very important place I personally believe, coming session is going to be a narrow and volatile one as very short term is extremely overbought and larger term is nicely poised and becoming a buy for coming days. For tomorrow trading above 4266 can bring 4285 and 4297/4303 level which I feel will be shorting zone with minimal s/l of 1015 points. Above 4303 nifty can show strength for the day and head towards 4327/30, 439 and 4426 afterwards respectively. Below 4232 nifty will be weak and can fall down to 4212-4184 and previous lows of 4155. But as shorter term remains in corrective mood and extended correction can bring nifty down to 4130-4025-3936-3820 positionally. So be careful on the upside as sudden fall as a correction can bring those levels on lower side which indeed will be buying levels for larger term perspective.

Supports: 4232/30. Below that will be weak . 4212-4184 and above given levels.
Resistances: above 4266, 4285 and 4297/4303 most important. above that 4327/30-4391-4430.
(all future levels, 15 Minutes chart attached)

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