MURUGAVEL

NIFTY - As expected it made double top around 4650-4700 zone. Now 4465-4420 is the support zone. If Break and close below 4420 then may expect 4260-4220. In upside once again resistance around 4700 levels and above 4750 may attack the MAJOR AND MAJOR resistance of 5012.

NIFTY - may form lower top or double top as per the trendline. so BE ALERT @ 4650-4700 zone. If trade above 4700 comfortably then stop may be below 4650 and target may be 4900 - 5050 zone.

NIFTY - Fall arrested and reversed from the support zone of between 4000-3800. Now marching towards 4550-4600 zone

NIFTY - Support 4000 and 3800 Resistance 4600 and 4900

NIFTY - It got support at 4200, now may expect pull back upto 4450.

NIFTY Resistance - 4950 - 5250 Support - 4200 - 3950

NIFTY - moved beyond imagination (somewhat irrational) now may be attack 4650 or 4800 Any way the gap is going to fillup any time .

NIFTY - Resistance 3750 and 3900 Support 3350 and 3200

NIFTY - This month resistance 3500 ( refer opinion dated 03 Apr.09). Now, If it trade above 3500 comfortably then may expect 3650-3700 this month itself.

NIFTY - At last now we know the base for this downtrend which was started on Jan.2008. hereafter we may see one rally. ( before that, correction may or may not come even upto 3000+ or 2900+) which may going to fizzled out in between 3650+ minimum or 4100+ optimum. (Note : The above opinion is based on price movement. In future, if any thing happen worst for the economy or country, my opinion may change.)

NIFTY - UPSIDE 3300 and 3500 DOWNSIDE 2900 and 2700

NIFTY - may be top out anywhere between 3100-3250. If it trade above 3250, it will be the signal for breakout . After the breakout it may come down even upto 3000+ but it will be only correction. Upside may expect 3650-3850 But if it unable to break and trade above 3250 then we may expect once again 2500 + Be ready for either way possibility. TOP OUT or BREAK OUT ?

If NIFTY will not break and trade comfortably below 2500 before June 2009 , we may come to a conclusion that the bottom was already over in Oct.2008 itself. (it may be more confirmed, If it break and trade above 3250). i hope that i am the first person to say so. It may be wrong but my opinion is opinion.

NIFTY - No change in the existing Orbit of 2500-3250 (very long sideways moments still continue.....) So it took support at 2500+ and now again try to attack in higherside 2800 and 2900

NIFTY resistance 2800 If it break and close the resist , then target in upside 2900 and 3100. If unable to break the resistance downside we may expect 2600 and 2500. And below 2500  FREE FALL ..... .. ...