Nifty Short term Forecast, 24 January 2011

Earlier it was mentioned to remain short in Nifty with a stop at 5710 and that level was triggered. But, the crucial 5775 in Nifty spot has not exceeded and the short term trend in Nifty still remains bearish. The trend is likely to change only when it crosses 5775. Above 5775, a rally towards 5850-5900 is possible.


But if it fails to move above 5775, as I said earlier, a decline towards 5550 is possible. The level 5550 is likely to act as a crucial support for the medium term. Break of this level, would pretell a decline towards 4700.

Nifty Technical Outlook, Positional & Intraday Trading Levels, calls, and tips, 24 January 2011

Today, 5735 is the crucial intraday level for Nifty.

If Nifty sustains below 5735, then it could test 5650 and below that level it could test 5550.
Instead, if Nifty trades above 5735, then it could test 5775.