NIFTY AS ON 03/12/2010

AS SAID LAST WEEK THAT NIFTY IS OVERSOLD AND IT COULD TAKE SUPPORT AT THE WEEKLY TREND LINE SUPPORT AND DID THE SAME ALSO OUR BUY LEVEL COVERED OUR LOSS IF SHORTED ABOVE 5840 LEVELS
NOW NIFTY LOOKING THE TREND FROM 4786 STARTED 25/05/2010 TILL 6338 NIFTY HAS RETRACED ALMOST 38 % WHILE 62% FROM THE RUN OF 5348 TO 6338 AND NOW IT HAS RETRACE ABOVE 38 % FROM THE LOWS WHICH INDICATES THAT TILL 5900 IS HOLDING SHORT TERM TREND HAS REVERSED AND THE BULLISH CANDLE ON WEEKLY ALSO INDICATES THE SAME NOW COMING TO OUR WEEKLY LEVELS WHICH ARE WORKING FINE
5840 - 6150
BUY NIFTY NEAR 5920 FOR THE TARGET OF 6055 WITH SL OF 5840
SELL NIFTY 6055 SL OF 6150 TGT OF 5920

NIFTY HAS CUT THE TRENDLING WHICH INDICATES SHORT TERM UPTREND AND SHALL BE RESISTED AT 6150 LEVELS
NIFTY SWING REMAIN DOWN
POSITIONAL LONG SHOULD KEEP SL OF 5900