Tuesday, June 2, 2009

VIEWS FOR 02-06-2009

Yesterday I asserted, "but remember one thing, there wont be any clue of weakness above 4435 and crossing 4465/70 will just make it fly to our next targets"- and nifty did exact. And also talked about the 3rd wave characteristics. I also discussed about the failure bounce near 4465 while discussing the correctives and nifty gap up above that level and took support exactly at 4465 while retracing
intra day. And it became successful retest of 4465 instead of failure bounce towards 4465. Before going into larger explanation and making it complicated, let me say once again that nifty is in super bullish mode. And our target of 4587-4647-4737 is live and kicking. For the session to come crossing 4585/90 will bring 4606 & 4640/48 level. where it may face some profit booking. But don't get confused if it really starts profit booking around 4640 level, because in that case 4585 & 4565 would big zone to buy into for the intra day. So not going into much words,
Supports: 4520-4465
Resistances: 4587, above 4587 I personally feel 4585-65 would act as support. Next 4606-4640/48-4695-4737/43.
should be used to buy into.
(All future levels, 15 & 5 minutes chart attached
Happy trading all...comments are welcome.
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