08 June 2012 : NIFTY : Just near 200 days moving average which is @ 5065. We need a decisive crossover to bet for further rise. Intraday support @ 5002 and 4980.

You must read previous articles and watch above chart carefully to understand this article completely.

I gave three levels to watch for yesterday starting from 5040 < 5065 < 5082. Each level was explained also. We have seen a high of 5060 on Nifty. So where is it pausing?

5065 – It is 200 days moving average. To get any further rise, I will be focusing on the crossover of 5065. Cross will push Nifty towards major trend (Resistance) line which is running @ 5100. (It is plotted on the above chart).

SGX NIFTY is moving in the zone of 5000 to 5010 which is giving a hint for soft opening. IN that we must focus on some crucial supports.

First support will emerge immediately @ 5002 and then we can hope for support @ 4980.

Today is Friday and 5^th day from the recent low of 4770. If it has to change the trend then today might be the day but such possibility is low. We must remember that FII came with some good buying yesterday.

I can say that, this market may give you a feeling for weakness and fall but those levels may trap bears again.

There is just one alter sense which is going in favour of bears. That point is that market is turning shy just below 200 days moving average. If this market has to top out then it is a perfect levels (200 dma) and perfect day (5^th day from recent low).

I will be cautiously on buy side but today is that day when I can/may change my view during intraday. Let us see.

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Thanks & Regards,

Praveen Kumar

Mail id – Praveen@viecapital.com

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