NIFTY: 22 May 2012: Resistance zone – 4930 to 4950. Cross over will also not able to give 5000. We are in multiple resistance zones. Low of 07 - 08 May @ 4983-4988.
You must read previous articles and watch above chart carefully to understand this article completely.
Nifty has yet to cross 4930 to 4950 resistance zone.
It took attempt but failed at 4937 and slipped very sharply in last hour trades. We are going to see gap up today so one can expect opening in the zone of 4930 to 4950 itself.
Even if we see cross above 4950 then also we will see movement towards the double low of 07-08 May 2012 which was in the zone of 4983 to 4988. Then it may switch off recovery without touching 5000.
It is very clear that this rally do not want to sustain at higher levels. (That’s the reason that we are giving up majority of gain in last hour of trades, or you can say that as those are slipping in last hour so it is not ready to sustain).
Where are support – We have support just at 4898. Break below 4898 will result fall towards 4876 and then at 4850. You all know what is going to happen next.
I am still warning. We are not out of threat of retest of 4790.
INR vs USD – INR is slipping below 55. Just imagine if it go to hit 57. I must add that those breakout has occurs. Technical charts are suggesting that by any chance if we break 55.25 then no one can save it.
This is the major concern which is already out of control. All thanks to RBI and Ministry of Finance.
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Praveen Kumar
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