nifty trading levels for monday:
upside:4404/4417/4428/4435/4440/4450
downside:4400/4394/4389/4378/4366/4355/4345/4340/4327/4300
market is in downswing as such, in case of a big gap down opening,
4345(50dma),4157(100dma),4038(200dma), as mentioned earlier 4230/4250 are 38.2% retracement levels of 3554/3617-4647 should act as supports.

one tgt i mentioned earlier 4057 i want to stick to that for present downfall.

nearly half the turnover and half the short positions of yesterday carried today were short covered, since volumes were less and market came down toward the end, the pullback today seemed to be lacking conviction, even 4400 seemed to be too much to be overtaken. The nifty futures dicount has come down to 38 points. 50 dma support comes in at 4342. If global markets are firm tomorrow a strong opening above 4363 and then 4404 should be taken off followed by 4419. levels above 4419 are 4425/4440/4450, immediate supports 4339/4327/4300.

ivrcl first target met, second at 305 awaited

mtnl target met

nifty resistances 4385,4404,4412,4419.

sci target reached perfectly today, datewise and pricewise.

02 august 2007

first lvl iam watching is 4338(50sma),4300(monthly support) then 4230-54(38.2%rets of rise from 3617-4647 and 4554-4647), then 4100.

if this correction is big enough, i have a target of 4057 for this in coming 4-5 days.

31st july 2007

the low of this downswing i.e 4404 is axactly 23.6% ret of the upmove from 3617-4647.85.

the breakout above 4493 was significant and the short term uptrend has begun, but nifty could not reach 13sma which is at 4539. now coming to tomorrow, nifty is likely to encounter selling in zone 4550-60, so whether this is a fresh upmove or just a bounce of the original fall from 4647.85 will be confirmed on close above 4560. downside supports are at 4504,4496,4484.