mkt ahead...18th july 2011...

as i had indicated repeatedly before that some sort of profit booking or correction/reversal would likely happen near 5700/5725 etc.

finally we had near to short term reversal on triggering of 5600 spot on downside which was given as tsl for short term longs which were already in about 300 point gain earlier and so nifty is in near term downtrend with sideways consolidation in last couple of trading sessions.

the previously given supports of 5450 and 5400 in the last post may be still valid for the short term uptrend from june lows.

hence the broader near to short term range for the nifty seems to be in between 5400-5750 at present.

for the near term trade positive only if nifty trades above 5654. for intraday one can trade long if nifty starts trading above 5597-5600 for 20-30 points.