NIFTY - Weekly outlook.

* Nifty formed a shooting star with relatively smaller tail then expected on weekly chart. If it was formed tagging UBB, then it would have been more bearish. There can be an intra week correction.

* Nifty can correct upto 5225.

* Area around 5185 level will be a good long entry level.

* Any move above 5340 can add some 50 to 60 odd points.

* Nifty can spend some time consolidating before going for a big move.

NIFTY - Weekly outlook.

* Nifty is riding up along with Upper Bollinger Bands on daily charts.

* On Thursady, 17-06-10 RSI 2period on daily chart was 98.85, which could be one of the reason of correction on Friday. SS giving sell signal on daily charts which can be ignored.

* We may see a weak opening of the week, which can lure bears to short, but NO SHORTS AT THIS POINT OF TIME.

* One can open fresh longs near 5185 levels, with stop below 5150, with target of about 5335.

* Closing below 5150, can take away further 100 points down.

Very tricky situation.

* Stop loss for shorts above : 5185. There can be a false break out above 5166.58.


* Stop loss for longs below : 4950, yes too far.


* On weekly chart, there are long lower shadows.


* Nifty can find some support near 5010 level.

 I have attempted to present the different shades of nifty.

Visit : http://shades-of-nity.blogspot.com/

gLOBAL Jitters !

* If 4815.56 is taken out, 5600 will be very difficult to achieve.


* If 5015.07 is taken out, nifty can rush towards 4894.63.


* Above 5176, nifty can give upswing up to 5230.


* News regarding interest rate hikes, can bring in negative effect to the market along with interest rate sensitives.

* If 5160.90, is not taken out nifty can go down up to 4173.25. Jaana tha Chin, pahunch gaye Japan.


* Intraday trading calls have been posted at http://indian-stock-pick.blogspot.com/