04-09-2008 Views

Hi , Nifty is above 4500 . But on 2-8-2008 it went high to touch 4522 but it could not pass above resistance point of4540. And also it is forming reversal pattern (head and shoulder) . It may retrace to 4200 the neck level and if it goes down further low can be seen. On the contrary if nifty moves above 4540 it may reach 4600. Now it may be prudent to buy 4600 call and 4500 put. Please take decision on your own analysis. Happy trading.