mkt ahead 07th dec 2009...

in the last posts it was said that,

"however 4880 was held on closing basis, and in the very near term any bounce nifty may possibly get restricted to 5012/5030. so the near term range is about 4800 to 5030."

"a few closings above 5030 if supported by global mkts, the nifty would be again more bullish to reach the previous high of 5182, if any profit booking comes and gets limited to 4880/4860"

however the range 4800-5030 was broken on upperside in the early part of last week, 4860/4880 was held and hence nifty continued and achieved the tgt lvl of 5182.

its now important for nifty to cross and close above 5182 for some days atleast to achieve the short to medium term tgts of 5300/5400/5545 etc. support lvl 4880/4800. below it gets bearish upto 4700/4538.

trading lvls for intraday nifty traders, if nifty crosses intraday and stays above 5118 can tgt upto 5161/5181. support 5088/5080, below which chances of weakening upto 5050/5020.