For Next week June 21 to 26, 2010

Nifty faced the resistance close to the higher level of 5300 today. It was overall the range bound movement with negative bias. Now technically still we are expecting that nifty future is looking strong due to overall holdings of the support levels. One could expect some more upside close to the levels of 5335 to 5350 in near term. In the downside the intraday support seems to be around the levels of 5200 to 5205. We recommend that traders could focus on both side if it break 5300 that they could initiate long in it for the target of 5350 & if it does not break 5300 so they could go for sell on rise in it for the targets of 5210 to 5215 in near term.

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Market Alerts on Mobile

Nifty future today continued the upward rally and made the short term resistance breakout in charts. In the end it made the strong closing above the breakouts. Now in nifty future we might expect the strong upside rally from here. the next key hurdle for the market is seems to be around 5400 level. Closing above this hurdle could take up the nifty future till the higher level of 5550 in near term. As we had already recommended in our previous reports that one should initiate the longs in nifty future above 5250. Now traders could book some profit here because market may face some resistance close to level of 5400. Those who like to initiate the new longs in nifty future could do above the resistance of 5400.

Nifty today trade with the negative biasness for the whole day and in the end closed with the modest loss. In the upside the key resistance point for it is 5400. Closing above may rise up till the higher level of 5500 in short term. As now in short term we might expect some range bound movement in market and could correct from the higher levels. So we recommend that if it does not break 5400 then traders could go for sell on rise in it for the target of 5250 to 5260 in intra day.

Nifty witnessed the slight correction today & in the end managed to close above 5300 level. Today one thing was very vital that is the recovery from the support level of 5300 which means that market still holding the up trend & could continue the same trend for while. One should focus on long side in nifty future above 5400 for the targets of 5500 & 5550. In the intra day trading we might expect the lower levels of 5250 to 5260 if it break again 5300 to 5295.

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Intraday Trading Tips

Nifty witnessed the volatile sessions back by the f&o expiry. Today it was consolidation close to the level of 5300. Still it is holding the support levels of 5290 to 5300. Closing below this support could drag it till the lower levels of 5200 to 5210 in near term. In the upside the key resistance seems to be around the levels of 5400. We recommend that traders could go for long in nifty future with the intra day stop loss around 5290 for the targets of 5375 to 5380.

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Nifty witnessed the yet another correction from the higher levels, as we keep mentionining in our previous reports that one could go for sell on rise until it close above 5400 for the targets of 5250 & 5200. Now in the next week we could expect some more correction in it. In the downside the 5200 would be key support. Closing below this support could slip it till the lower levels of 5115 to 5120 in short term. The short term resistance zone now we could see close to the levels of 5345 to 5350.