NIFTY AS ON 04/06/2010

Nify has attempted to to achieve the high of 5147  where our first tgt was 5150 almost achieved and nifty crossed the resistance line and closed above it holding 5100 level also firmly throughout the day there are good news and bad news which are the part of the game and we have to follow the charts always where price shall imerge all the good as well the bad news and the trend shall be following the news though there was no good news nifty had breached the downward channel and again it made rising wedge where in upward side the range is narrowing and it is to be seen that which side the break is also unless nifty is above 4960 the trend remain up if 5180 is breached on upside market may see higher high above 5400 and if 4770 is breached nifty may see lower low below 4675

Now for tomorrow known very well to all of us that market to open gap down atleast 2 %  which is near 5040

Now levels for tomorrow are below 5113 nifty shall remain weak with the downword targets of 5078 – 5056 – 5022 with stoploss of 5126 where above which nifty can rise to 5161 – 5182 -5217 levels.

Positional shorts below 4925 only until then try to buy near stoploss or play intraday levels. OR PLAY ORB SYSTEM 30 MIN BREAKOUTS (advice buy on dips with sl of 4960 )

  nifty swing shall change if close below 4960 WHICH IS MARKED BY PINK LINE for two days till then swing is Up

Note :=
1) 25% holding must for all listed cos.: Govt.
2) Companies, where the public holding is less than 25% will have to reach the minimum levels by an annual addition of not less than 5 %. If they fail to do that, they will have to restore the 25% public holding in one year.

3) Companies with pending initial public offering nod can go ahead without 25 % public shareholding. But they will have to later comply with the new norms by increasing public shareholding by at least 5% per annum.

4) The logic given for this by the Finance Ministry is primarily to increase the depth of the market and to prevent manipulation.

5) With this decision, India in effect is moving closer to more developed economies where the minimum public shareholding level is something that is followed and maintained.