05-10-2009 : "Though Nifty is comfortably maintaining clear uptrend, a failure to cross 5085/90 now can bring some correction." Nifty started correcting on shorter term chart.
06-10-2009: "Crucial support below 5000 will be around 4965/69-4916. A violation on 4916 can cause into a deeper correction." Low made 4918. And it bounced like anything friends.
So some positional profit booking levels are nearing it seems around 5131-5160/62. and last but not the least my July 20th post @ 4380 level. We are coming closer to 5220. :)
Supports: If 5054 zone is not crossed it'll be again a choppy session with support lying around 5025. Below that nifty can get weak and show up to 4995-4970-4959. 4959 to decide the next move again.
Resistances: 5055 is the first pivotal level on upside. Above that it can get some real bullish again with 5085 target in hand. Main target remains same as shown on the chart @ 5131-5160 .. and of course 5218-20. Personally I may not play out for longs in 5160-5220 range, if it at all comes.
I'll advice to unwind positional longs on upside unless 5220 is taken out convincingly on any substantial up move. Given resistance levels can be opted for booking profits in longs (For positional longs).
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