Thursday, May 22, 2008

>Nifty 23rd may

Nifty breached today trailing stoploss which was kept near 5050 and kept trading for the rest of the day in range of 5010-5060 before closing near to todays low which is almost on trendline support.

Tomorrow being all important day INFLATION figures which with the kind off crude surge looks like would be on higher side its only matter of time when fuel hike is announced politics too cant hold things for too long(election year)thing to be watched would be how much hike may come lets keep fingers crossed and watch next 2 weeks would be full volatile with expiry too nearing it would be full DHAMAAL as of now for the levels 5050-5060 would act as immediate resistance for nifty upside.

There is a posibility of a triangle formation(technically) in nifty and if thats happening we could be in for a rise say till (5090-5100) D leg up for triangle.All in all 4950 with some error of a percent holds the key for the bullish case a chart is attached



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