Nifty 05 June 2012 : Rebound from mentioned support of 4766. Rise should extend above 4900 now as long as 4800 hold.

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

There are three points that should be noted.

1. I have already mentioned yesterday that we should expect a pause near 4766 support and it took “U” turn from 4770. So it was a valid support which remains untested and Nifty rebounded before that. 

I am keeping the explanation of 4766 in this article too.

• 4766 = we have seen a vertical dip from 5125 to 4903 few days back. 61.80% further dip from 4903 will end up at 4766. I am expecting pause on this levels. 

2. Another thing that was quoted from 29^th May 2012 was that we could see the correction for maximum 5 days. Yesterday was 5^th day from 5020 and it was perfect day for rebound.
3. Yesterday in my intraday updates, I have quoted the importance of close above 4830 and we closed above that only. If you take a wave from 5020 to 4770 then you will find that 4830 was 23.60% retrenchment from 4770.

Now, what’s for today?

Nifty has an intraday resistance at 4866. Crossover of 4866 will give us first target as 4896 and then 4925. If things run in my expected way then I am expecting Nifty to move near to 4962 levels in coming few days.

Consider support @ 4830 (~4828) and 4800. This market is looking safe for rebound as long as we are standing above 4800.

We took long trade on NIFTY JUNE FUTURE yesterday @ 4770-4765. We are still holding those long trades.

Depending on market condition we will release intraday updates too. Till that time, you can post your views also so that I can present better result for you. Intraday posts are available on www.viecapital.com only.

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Thanks & Regards,

Praveen Kumar

Mail id – Praveen@viecapital.com

Mobile number – 09893369889