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AS EXPECTED NIFTY STARTED ITS DOWNTREND AFTER FAILING TO CLOSE ABOVE 5227.

NOW FOR DOWNTREND TO CONTINUE NIFTY NEEDS TO CLOSE BELOW 5011 FOR TWO CONSECUTIVE DAYS FOR DOWNSIDE TARGETS OF 4940/4884/4724/4627/4547.

HOWEVER TWO CONSECUTIVE NIFTY CLOSE ABOVE 5227 WILL OPEN UPSIDE TARGETS OF 5322/5431/5555/5651/5730.

STOCK FUTURE POSITIONS NEEDS TO BE HEDGED WITH OPTIONS.

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Comment by Atul Kapoor on June 14, 2010 at 1:41pm
I expect nifty to play a catch and miss game with both bulls and bears. The range seems to be 4911 - 5220 and if unable to close below 5220 then will show 5344 and if unable to hold 4911 then will show 4750.

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