16th oct 2009...

as given in 12th oct 2009 post nifty bounced from the support tline, reacted intraday from first resis line and then did a brkout from both the resis lines. it was also clearly mentioned that short term will be bullish above 5025 close and nifty thereafter reached upto intraday high of 5152, which was also our tgt as per ew analysis on eod charts.

the us dollar index still continues its downward journey which is helping the rally in global mkts.

positional longs are intact since 4630 and 4900 acted as safe and imp sl. presently sl for short term positional longs is 5000.

intraday trading lvls: in intraday it was weak yday and if mkt is not able to sustain above 5120 then can test supports at 5077/5065, lvls below which are 5040 and 5012. above 5120 it can go to 5152 brking above which can go upto 5200/5250 in near term.