NIFTY AS ON 05/05/2010

AS SAID YESTERDAY THAT NIFTY IS OVERSOLD ON HOURLY CHARTS AND A TECHNICAL BOUNCE AND WAS MUST TO FILL THE GAP MADE AT THE TIME OF GAP DOWN OPENING BUY GIVING CLOSE JUST NEAR YESTERDAYS CLOSE  NIFTY HAS JUST BOUNCE BACK FROM THE 50% RETERACEMENT LEVEL OF 5035 FORMING ANOTHER LOWER LOW 

FOR INTRADAY 

ONE CAN MAKE LONG ABOVE 5115 LEVELS FOR TARGETS OF 5150-5170 - 5200 WITH STOPLOSS OF 5090 AND BELOW 5090 ONE CAN CREATE SHORT POSITION FOR DOWNWARD TARGET OF 5035 - 5000 - 4942 LEVELS WHERE HE CAN BOOK PROFITS AND IF THIS LEVELS TAKEN OUT DECESSIVELY ONE CAN HOLD THE SHORTS FOR FURTHER DOWNSIDE