iCharts Discussions

[rameshraja]

Nifty today opened below 5130 and most part of the day it was trading below that level and Bulls had a hectic task of defending series of support levels, and towards the close there was a good pullback and it closed at 5099.55.

While I write my opinion about our market now, Dow is plunging by 175 points but I take a contrarian view for Nifty for tomorrow (21.05.2008). As Nifty is still in buy mode with all averages are in buy in EOD as also in RT, I am of the opinion Nifty futures should take support around 5033 and closing will be in green. The last visible support is around 5017 and if that is takenout, then only bulls will have serious problem.

Tomorrow Nifty futures range should be 5140 - 5033.

Regarding individual stocks, I continue to maintain bullishness in BRFL /ICICI / PNB / Gitanjali as mentioned earlier in this column.

Disclaimer: My usual statement - Technical analysis is subjective and I may be wrong in my view. Kindly do analysis at your end and decide about your real time trades, instead of taking my view in faith.

Best Wishes

C T RAMESH RAJA

[gopi.br]

thx rameshraja for ur gr8 work