Nifty and Trading Ideas for 03-jun-09

Nifty has moved traders into uncertainty to go long or to go short.

Lets trade with Levels.Now we have seen 2 Doji consequently on Nifty So what does it signify stalemate bulls and bears and buying is dying and week hands that have entered the markets should be shrugged off So till when market could fall

As the time i am writing this post Dow is down -119 and lets see how it closes coz i have seen dow last 30 mins are very dramatic and full of suspense like an action flim :) fingers crossed.


Levels to be watched

Nifty has broken the down channel and 4480 and 4451 are the levels to be watched.

Nifty support 4477 4451 4431 and 4384 resistance is at 4577 4620 4650

Reliance the poster boy has closed below its 5 Ema at 2255 Support are emerging at 2211 2174 which is 13 Ema also resistance is at 2293 and 2341