It was earlier mentioned in my post that Nifty was likely to test 5550. Now, with Nifty testing 5550, the trend of Nifty still continues to be bearish. Any support or crucial level should not be violated. By violating the crucial support, Nifty indicates, the direction of Nifty in short term is weak.
Even if it sees a short term rally from here, as the rally comes after breaking the support, it is unlikely to sustain. In case of any rally, maximum it could go in the upside is 5900. Now if it fails to sustain above 5550, then it is likely to see the downside target of 4700 in coming weeks.
Tuesday, February 01, 2011
Nifty Technical Outlook, Positional & Intraday Trading Levels, calls, and tips, 1 February 2011
Today, 5530 is the crucial intraday level for Nifty.If Nifty sustains below 5530, then it could test 5450 and below that level it could test 5400.
Instead, if Nifty trades above 5530, then it could test 5620.
Instead, if Nifty trades above 5530, then it could test 5620.
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