Google+ VIEWS FOR 12-05-2009 ~ NIFTY DEMYSTIFIED

Tuesday, May 12, 2009

VIEWS FOR 12-05-2009

Hello again to all my friends! What a day, full of action, nifty could not move beyond 3649/74 zone and fell hard. Yesterday stated "above 3649-3660 there will be again some interest to retest/break the highs". But nifty failed to do so after making 3657.50 and it fell to right above the head of 3533. Done for the day and now the point is what's next in such a important and political juncture. 3533/25 indeed the most crucial support zone for shorter time period for nifty. But will it sustain? Friends for tomorrow 3555/72 is important. If it can cross then only we can take some bullish view for intra-day. And not crossing those levels it can certainly break 3525 to resume the fall up to 3499-3441/35. And that's not the end friends, it can extend it's fall down to 3265 level. Yes that's very much possible. Take care friends and trade carefully especially about your long position. As we still in a uptrend, some delay in going long can harm nothing if it resumes it's upmove again, but at same time we are may be around a impending top. So be carful with your longs. Please maintain STRICT STOP LOSSES. And rock. So to sum up,

Supports:
3533/25-3499-3441/35
Resistances: 3555/72-3605-3647

(All future levels, Hourly chart attached)
Safe trading.....Happy trading... Cya!!
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