Nifty is trading between a rising channel of 650 Points. After Hitting Upper resistance it is going to hit 5300-5350 support. Where a relief rally upto 5650 can be seen. If Nifty closes below 5300 for more than 2 days. Then it means a confirmed breakdown of 650 points upto 4700-4750 You can unwind all the long positions below 5300.But closing below this level it is very unlikely to happen.
Watch Bhel, Infosys, Reliance, ACC, HDFC BANK, HUL, TATA STEEL, TATA MOTORS and many more are showing very negative outlook.
So If you get a relief rally upto 5650-5600 then stay on cash for a while you will get much lucrative levels to buy your favourite stocks.
Nifty Future May's Critical Levels for 06.05.2011
Projected High : 5515.7
Projected Low : 5386
Resistance 5 : 5671
Resistance 4 : 5621 Short here with Stop Loss will be 5671
Resistance 3 : 5572 Book Profit above this level
Resistance 2 : 5556
Resistance 1 : 5541
. Buy at 5501 with sl 5485
Direction Change Level : 5492
. Short at 5477 with sl 5498
Support 1 : 5442
Support 2 : 5427
Support 3 : 5412 Book Profit below this level
Support 4 : 5362 Buy here with Sl will be 5313
Support 5 : 5313
Projected High : 5515.7
Projected Low : 5386
Resistance 5 : 5671
Resistance 4 : 5621 Short here with Stop Loss will be 5671
Resistance 3 : 5572 Book Profit above this level
Resistance 2 : 5556
Resistance 1 : 5541
. Buy at 5501 with sl 5485
Direction Change Level : 5492
. Short at 5477 with sl 5498
Support 1 : 5442
Support 2 : 5427
Support 3 : 5412 Book Profit below this level
Support 4 : 5362 Buy here with Sl will be 5313
Support 5 : 5313
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