NIFTY AS ON 15/10/2010

The Way Markets Are Moving In The Previous Week Are Unexpectable As The Money Flow Is Such That It Can Eat The Stoploss On Both The Sides During The Week  Even Though Infosys Had Given Good Guidance Markets Not Able To Sustain Above 6250 Levels For More Than One Day Also Banks Looks Weak. Here At This Points The Markets Are Oversold As Per Hourly Charts A Bounce Is Also Possible If There Is No Globle Weekness On Monday Morning Which Could Be Used To Short On Rise With Proper Stoploss As Given Levels If We Go Through The Daily And Weekly Charts Nifty Has Given Bearish Candle And Close Again Below The Trendline Also Weekly Close Is Below The Previous Week And Below The Channel.

Closing Point Of Nifty Is Just At The Support Of The Swing Stoploss And If Followup Selling And Close Below Current Close Is Seen Then Nifty Might Get Into Down Swing With The Target Of 6000 - 5916 - 5800 Levels

But Still Long Term Trend Shall Remain Bullish 

It Is Advise To Take Positional Short Below 6050 Closing Only With Proper Stoploss Or Sell On Rise With Sl Of Yesterdays High

Now The Levels For The Week Ahead Are

5828 - 6296

Now Here Breakout Shall Be Above 6195 Which Can Be Bought  With Sl Of 6130 For Tgt Of 6296

Short Below 6130 With Sl Of 6195  For Tgt Of 6105 - 6084 – 6000

Still The Swing Is In Buy Mode But Follow Up Selling Only Can Turn To Down Swing Which Shall Be Below 6050 Levels

Also It Is Advise To Remain With Ease As It Is All Time High And At This Levels Market Could Be Volatile As This May Be Distribution Phase Before Severe Breakdown So It Is Time To Remain Cautious And Try To Book Out Long And Wait For Clear Signal Of Breakdown.