Nifty is heading towards 5300-5330 zone which is a very strong support area. From where approx. 200 points rally is possible. But Nifty's closing below 5300 for more than 2 days will confirm a breakdown of more than 500 points upto 4750-4800. Again If you get a relief rally upto 5480-5500 then exit from all long positions or if Nifty is unable to sustain above 5300 then exit from all long positions.
Nifty Future May's Critical Levels for 24.05.2011
Resistance 5 : 5500 Short Here with Stop Loss of 5525
Resistance 4 : 5471
Resistance 3 : 5442 Book Profit above this level
Resistance 2 : 5434
Resistance 1 : 5425
. Buy at 5415 with sl 5390
Direction Change Level : 5396
. Short at 5380 with sl 5410
Support 1 : 5367
Support 2 : 5358
Support 3 : 5350
Support 4 : 5321 Book Profit below this level
Support 5 : 5292 Buy Here with Sl 5270
Short TCS Future 1150 sl 1170 tgt 1130, 1115
Short Jindal Steel Power Ltd. Future 625 sl 637 tgt 605
Short ABB Future 849 sl 870 tgt 830
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