UPDATES...for 07.05.2012
On 04-05-2012 NIFTY broke the important pshycological support of 5130 and 5100 too. It also breached the 200DMA. Currently NIFTY is trading at its 50% retrcement from the top of 5607 it made on 21st Feb-2012 (see chart)
As far as charts are concerned, NIFTY's immediate support are coming at 5045 and 5002 levels.
But the MAJOR support of NIFTY is at 4963 level.
There might be a possibility that NIFTY may bounce back from 5047 Levels for the target of 5111 levels. If it breaches the levels of 5047 then levels to watch on the downside are 5002 & 4963 levels.
TODAYS TRADING STRATEGY-
Buy NIFTY if it doesnt breaches 5047 levels with SL of 5035 for the target of 5111 in 2-3 days.
If NIFTY breaches 5047 level with a gap down opening then wait & watch the level of 5002. Buy it with a SL of 4995 and GO LONG for the target of 5042 Level.
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