Trading strategy-Reliance, Sbi, Axis Bank, Icici Bank, Tatasteel- 7 May

Reliance

Today, 970 is the crucial intraday level. Trade long above that level and trade short below that level.

The level 1040 is crucial for short term. Positional Traders, trade long above 1040, for a target of 1140. Trade short below 1040 for a target of 970.

5030 or 4950 would be the level to watch out for a bounce back, 5 May 2010

The level 5030 or 4950 would be the crucial levels in the downside to watch out for a bounce back. Though, the Nifty is looking very close to a major top, the next 10 days Nifty could see a short term rally towards 5200 or 5250.