17 APRIL 2012 -NIFTY TECHNICAL VIEWS - watch range 5241 - 5183

We have RBI monetary policy review today and so nothing can be said in term of direction. As said yesterday, "Short only if Nifty spend time below 5185". It has not spend time below those levels and bounces. I am sure that you would have taken some advantage.

My study remains same.
"Short only if Nifty sustain below 5185-5183 levels". A threshold of lower side is constantly drifting lower with small margin. Initially it was at 5193 > 5191 > 5183.So this is going to be very crucial zone of support.

Take a note that break below 5185-5183 should guide us towards 5103-5090 levels. Rate cut or no rate cut, sooner or later, those has to come.

On higher side if Nifty sustain above 5241 then only it can be a buy. Have look on above chart. 5240 is the impulsive low of Friday's trading session. Cross over should take us towards 76.40% retrechment which is at 5278 levels.

(Note - retrechment is not a simple study. You must know which wave is going to retreched at which time).
I have no trading position as of now. Do take a note that FIIs were on sell side yesterday with massive qty.

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Thanks & Regards,
Praveen Kumar