Nifty is not showing any strength on every higher level there is supply supresses the upmove. It means it is more likely to break 5300 level with big price and volume. Every big stock (SBI, Reliance, Tatasteel, Tata Motors, Infosys, TCS, HUL, ACC etc.) that can move Nifty higher but they are making new lows or showing weakness. It is better to avoid buying at this level but on every upmove exit from the already accumulated stocks.
Nifty Future May's Critical Levels for 25.05.2011
Resistance 5 : 5482 Short Here with Stop Loss of 5505
Resistance 4 : 5468
Resistance 3 : 5446 Book Profit above this level
Resistance 2 : 5417
Resistance 1 : 5411
. Buy at 5420 with sl 5390
Direction Change Level : 5389
. Short at 5380 with sl 15
Support 1 : 5366
Support 2 : 5360
Support 3 : 5353
Support 4 : 5331
Support 5 : 5309 Hold short below 5300 with 5360 as sl
Short Infosys May Future below 2800 sl 2850 tgt 2700
Short HDFC Bank May Future below 2235 sl 2280 tgt 2150
Buy Sbi near 2160-2170 sl 2140 tgt 2280
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