mkt ahead...16thjune2010...

5200 tgt for short to medium term traders done in style holding the recent lows!

nifty is moving nearly as per the tentative channel lines i had drawn in previous eod nifty spot chart, right now its touching the upper tline:


right now the near term upside is seen anywhere between 5250-5340 as seen from chart above where some resistances are placed. but with dow and the us mkts also moving up, there should not be much difficulty and dips toward the 4950 looks like a buy on dips kind of mkt for short to medium term. the 5300 plus lvls may not happen immediately.

there is another bullish brkout yday and its probable that perhaps the correction starting from 5400 might be over. some large profit booking can always come but if gets retricted to 4950-4980 region will be fine(and not more than 4700 in medium term).