16-6-2008 Views

Hi, Last week Nifty lost 110 points. But it gave a hope of closing above 4540 level above which NIFTY would travel high to reach 4700 level. In one year weekly chart it has formed a hammer ,that too a black one showing mildly bullish sentiment which definitely need confirmation. The NIFTY should not close below 4500 and if NIFTY closes above 4550 then NIFTY may touch 4700,4780 levels. NIFTY is very likely to reach 5000 if it withhold the selling pressure at 4700 levels. Readers will be better off by playing the market intraday since market is going to be very volatile. While the author of this post is not responsible for the profit or loss incurred by the readers due to decisions taken based on this post he wishes every one a very prosperous day.