I gave resistance at 5338-5339 but it has never able to sustain above those. Now charts are suggesting that we may not see cross over of 5342. If that happens then we can see a fall in today’s trade towards 5270 and then 5241. I have already explained about the importance of 5270 and 5241 few days back.
You must keep these three figures in your mind after breakout. These figures are given with reasoning.
5338 - 50 days moving average.
5359 - 38.20% of retrenchment from top.
5379 - Previous reversal point.
As of 18 April'12 closing at 5300, it has not changed a lot of daily chart but Market can never be save if it missed at 5342. It is giving me sense that market will be soft in today’s session. I may prefer to trade SHORT on rise.
NIFTY FUTURE: As long as stay below 5365 it can be a short trade opportunity. Only cross over of 5365 will give impulsive rise towards 5400 to 5410. Chances are lesser for those opportunities.
Place Stop loss @ 5365 and short in range of 5230-5340.
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Thanks & Regards,
Praveen Kumar
