Nifty Chart & Levels For 04/05/2011 ::

Nifty :: Body Gap Down bear candle but with low volume.. Aggressively break all strong support in one day.. Given conformation of midterm correction as per our Friday post.. NSI gave support of bearish structure; close just above all time low. Due to oversold short term indicator and low NSI any time corrective bounce possible from lower level.. Be careful in shorting at low or avoid to short at low.. Watch first strong support near 5529 and below it, near 5500 to 5467 zone works as strong buying zone for corrective up move, but with strictly and small stop loss 5465.. Till then in intraday treading watch one level 5571, above 5571 momentum seems up, below 5571 momentum down.. Use 5571 as stop loss and trade according for buy or sell above or below 5571.. Resistance for up move at 5571/5613/5631/5646.. Supports at 5552/5529/5517/5504..