Nifty is likely to test 4730 if it fails to sustain above 5110, 8 June 2010

The short term trend in Nifty is looking bearish and if it fails to sustain above 5110 in another 2 trading sessions would confirm a short term decline towards 4730.

And further, if the level 4730 is not held in coming trading sessions a vertical fall is likely below this level towards 4000 in coming weeks. Positional Traders can remain short below 5110 for an initial target of 4730.

Nifty - Technical Outlook and Intraday Trading Levels, 08 June 2010

Today, 5045 is the crucial intraday level for Nifty.

If Nifty sustains below 5045, then it could test 5000 and below that level it could test 4940.
Instead, if Nifty trades above 5045, then it could test 5090.

Short term Technical View of Nifty

For the short term, the level 4950 is crucial. If it sustains below this level, then it is likely to test 4730. Instead, if it trades above 4950, then it is likely to test 5110.