INTRA DAY NIFTY VIEW FOR 11-23-2009

On friday nifty witnessed some storong buying/short covering near one of our target below 4965 (4935-4885 was target, it reversed from 4937). But honestly, I really expected 4885 zone before the resumption of the uptrend as discussed earlier. Somehow the down move got truncated and has brought us again towards the same scenario. 5084 is the key for the upside, in my opinion.
Supports: 5045/40 is the immediate support in early session, below that 5025-5006/03 is very much impotant and quite probable buying zone for intra with a very strict s/l. Though I personally feel comforable with a buy above 5084. A srtrong break below 5000 can lead towards some more weakness towards 4980-4935-4885/80.
Resistances: 5084 remains the same. Above that 5108-5122 is very much possible as discussed above. Further breakout can lead it towards 5170, same as our projection at the time of catching top last time. But this time it can very well break it after a initial hic-ups for further upward targets (positional view).

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