Free Intraday Tips For 11 June 2010
The Nifty has closed at the day’s high thereby filling the gap formed a couple of days back and in turn increasing the probability of the continuation of wave X on the upside. The Nifty has given a breakout of the inside bar pattern on the upside, which is another reason for the bulls to cheer. The Nifty has completed wave X down of wave X up and is now rising in wave Y up of wave X up. Hence the Nifty is expected to retrace at least 61.8% of the fall from 5400 to 4786. The sector supporting the up-move is one of the traders’ favourite—the metal index—and this is rising on the bet that the Euro has made an intermediate bottom. The daily momentum is still in buy mode, which is a positive sign for the bulls in the short term. Hereon, the weekly close will be important to watch out for. With this note we continue to maintain our short-term bias up.
Nifty Close 5078
Nifty Support 5040-5000-4960
Nifty Resistance 5120-5150-5190
Buy Sesagoa 354 Sl 346 TGT 360-366
Buy Nifty ABOVE 5120 SL 5082 TGT 5180
Buy AXIS Bank Above 1262 SL 1244 TGT 1288
Buy DLF Above 267 SL 262 TGT 273
