Mktviews Weekly Nifty Analysis (05/09/2011-09/09/2011)

Markets are poised crucially after Huge Short-Covering triggered a 350 pts bounce in Nifty from Last Week's Lows. 

Sustainability of this upmove at higher levels may prove difficult and hence Markets may take a breather & witness side-ways movement. 

Nifty Future is facing critical resistance around 5092-5112 levels which is 38.2% Fibonnaci Retracement of recent fall from 5709 to 4718 

(5709-4718*38.2% = 378 & 4718 + 378 =5096). 

Further Pullback upto 5208/5324 would be witnessed incase Nifty Fut manages to close abv 5112 with volumes. 

Incase Nifty fails to close abv 5112, would trade in 4878-5112 range. Close below 4878 on Nifty Fut could lead to lower levels of 4760/4680

Also Visit this article which is very important for all  Serious Nifty Traders : 

Trade for Profits & Not for Targets ~~ !!! : http://mktviews-nifty50.blogspot.com/2011/08/trade-for-profits-not-for-targets.html

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