Again Nifty Failed to close above 5620. A Bear Flag is in formation. This Flag has a height of 150 points so it is quite possible that it may breakdown for 150 point upto 5325. Bulls last hope for Nifty is 5480. If Nifty closes below 5480 then there are more chances of breaking down of 5443 and go deeper to 5350-5300.
Nifty Future May's Critical Levels for 16.05.2011
Projected High : 5669
Projected Low : 5512
Resistance 5 : 5766 Short Here with Stop Loss of 5775
Resistance 4 : 5646
Resistance 3 : 5628 Book Profit above this level
Resistance 2 : 5584
Resistance 1 : 5606
. Buy at 5560 with sl 5540
Direction Change Level : 5549
. Short at 5540 with sl 5560
Support 1 : 5489
Support 2 : 5470
Support 3 : 5452
Support 4 : 5391 Book Profit below this level
Support 5 : 5331 Buy Here with Sl 5300
Sell SBI May Future 2620 sl 2655 Tgt 2550
Sell Canara Bank May Future at 577 sl 586.5 tgt 565
Sell Tatamotors May Future 1195 sl 1216 tgt 1182, 1150
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