As given range is being maintained since started giving weekly views now nifty has closed below the trendline but maintaining immediate support around 5950 levels which was previous resistance and now it has become strong support now the swing is in down after giving close below 6050 with immediate sl of 6125 levels so two consecutive close above 6125 could reverse the trend again towards upside.
Now as per my data nifty has to correct or remain rangebound to sideways till 28/10/2010 and could be above 6284 by 8/11/2010 as the coal india IPO is to be listed on 4/11/2010 also this is expiry week and it can be volatile as major results are out now also there is some RBI policy on 2/11/2010 where banks could give correction.
Now levels for the week are
5975 - 6155
below 5975 is breakdown and above 6155 is breakout
one can buy near 6020 levels with sl of 5975 for tgt of 6155
or one can sell near 6115 with sl of 6155 for tgt of 6020
still there is money flow from FII and coal india IPO is also closed so now again there should be upside momentum so instead of shorting try to buy on dip unless close is above weekly low.
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