iCharts Discussions

shashangan · Last edited by shashangan on Mon May 19, 2008 4:17 pm; edited 3 times in total

If i am not wrong, Nifty looks strong & positive for next week also. It looks bullish minimum till 22nd May probably till the May contract expiry. It might find some inter mediate & intra day resistances for this trend around (spot basis) 5224-27 / 5278-80 / 5368 (Watch & start to exit Longs) / 5392-99 / enroute to possible Target 5441 - also possible end & top of this up trend.

If there is a correction on the lower side the max low could be around 5071, & it doesn't look like breaking 5055 to me spot basis. Support -5083-79, * 5074-71, * 5066 , 5055, 5019, 4999-94, 4970.

Stops could be below 4994 & 4970. Below 4930 spot basis the bullish trend will change. Hold lower longs by scaling up the stops on every high breaks. If you not long yet, cautiously buy mini when spot is 5117. Around 5074 & below could be ideal to buy Nifty 50, if you not long from the lows. Place stop @ 4910

Any doubts or change of view reply to debate.

regards,
Gautham Shashangan

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