Hi,
Here is Our Nifty View for the week 31 May - 04 June 2010
Last week Nifty opened at 4980, saw a high of 5053 and closed at 5040. High volatility was seen in the market.
Nifty is trading in a downward trading channel; pullback which we have seen in the last week was just short covering. Now nifty has come close to upper trading channel, 5100-5130 happens to be a major resistance, this range will get narrower in the coming weeks before taking a breakout. This week range will be 5130-4850.
This week strategy should be to sell at 5050-5100 with stop loss of 5150 and target of 4850. Selective buying could be done at this level for long term gains.
Short/Medium Term Trend “Neutral to Bearish“
Long Term Trend “+ ive”
For More details Log on to http://www.niftyfiftystocks.com/weekly_nfs_newsletter
Rgds
Ankur
