Index - Nifty
Trend - Flattish with Negative bias
Recommended Positions - Short above 5650
If one considers the close of 5225 on 10 Feb 2011 as the bottom, Nifty first rose to 5911 (Close 13 Apr). And then to close at 5728 on 7 Jul. Fridays close @ 5633 is yet another upward attempt to clear that resistance zone.
Spot Nifty has strong resistance @ 5650 and I do not see much chances of it clearing 5700 on a closing basis. Short positions can be opened above 5650 spot.
I expect a very flattish & boring horizontal travel of Nifty for the coming week within a narrow range of 5700 - 5575.
Nifty has entered a medium term down trend since mid of May and that scenario remains intact.
For coming week Spot Nifty levels possible are -
Upside - 5655, 5690, 5715
Downside - 5592, 5575, 5550
27 July 11, 21:12 hrs
As indicated above, Nifty did correct after barely touching 5700 yesterday. All levels indicated were achieved.
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