nifty view

this is what I wrote to you, in my presentation abt the markets around 15 days back.
NOW, we are in the last 5-10 overs of the finale.
NIFTY will reward, 500 + points on EITHER side to whoever wins .
AS on eod charts...SHAPE WISE its a perfect HEAD N SHOULDER PATTERN ON NIFTY/SENSEX CHARTS., DEVELOPING.
First sign of hns working will be sideways move for 1-2 days + a big upmove closing above 5073...
and than THE NECKLINE BREAK ON THE UPSIDE , NEEDED.




Nifty was around 4900, than, the possible HEAD & SHOULDER pattern , which was clearly mentioned in my last view, worked and nifty made a high of 5370.


now what ?
A failure to cross, the highs at 5399 is a factor to worry...on charts, the last four days fall seems tobe corrective only, and we will seean upmove from max around 5215. although, 5278..my yahoo mess. Level is not broken yet, on closing basis. Still, below it there will be supports from 5215.


but, looking at charts of some banking leaders and metal sector, the coming rise too will be weak.
We need a close above 5360 for a strong upmove to around 5425-5435 and 5467.
as charts suggests, after oil price hike, interest rate hike, may be on the cards.and if that happens, we may again see a deeper correction.

For medium term watch 5171, nifty spot level.below which, in the month of july-2010, we will surely have deeper correction.