The fight between the bulls and bears was at its best during last week. The BEARS won the first round by hammering down the markets at the start of the week. However, the BULLS turn the tables on the bears and left them in a state of shock with a strong 3.16% gain (AUSTIN Power 3:16) on Friday 24th June 2011 creating a Bullish Hammer Pattern on weekly basis as recommended to Subscribers on 20th June 2011 .
Now, there could be two possibilities for Monday/Tuesday. (One), some profit-booking in Nifty would take the Futures lower to 5410 levels, where it could find support and restart its upward journey Monday/Tuesday for possible upside targets in excess of 5504. (Two), which looks more likely, the market rises, and the Nifty faces resistance around its recent high in the range of 5565 - 5604, and then slips again to the lower levels of 5410 - 5360.
Please note: We have to understand what happens on Monday, based on one of the two possibilities; to be able to analyze June 2011 Expiry in conjunction with the recommendations made on 8th & 20th June 2011 by me.
Although I see, the short term trend is likely to remain bullish, if Nifty future manages to trade above 5504 level but if Nifty future breaches the strong support level of 5410, trend may be reversal and it may test the lower levels like 5304-5254 levels…
.Just Stay tuned Nifty June Expiry special would be uploaded very soon
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