Technical View on Nifty (2nd August '10)
Nifty witnessed a correction today from the levels of 5400 to 5420 & in the end closed near to the level of 5370. The next support for Nifty Future seems to be at the level of 5350. Closing below this support may slip it till the lower levels of 5290 to 5300 in near run. For trading we recommend that traders should watch out the level of 5350, if it hold this level then one may go for long in nifty future for the targets of 5410, 5440 in near run. If it break the level of 5350 & sustain below it for a while then one may go for sell in it with the Stop Loss around 5375 for the targets of 5305,5260 in near run.
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