Stock Market Overview for the Week (23rd – 28th May ’11)
Last week bears had the complete control on the market until the markets took support from the important levels of 5400, and bounced on the last day of the week to close at 5484.60. Overall trend in the market still remain bearish. For short term, resistance on the up side is at 5540 levels, if nifty is able to breach this level it might see a short term upside up to the next resistance levels of 5600 and 5625.
Nifty is again expected to take resistance from 5600-5625 levels and continue the downtrend if the bearish force of the markets prove their mark. Nifty has also given a sign of positive divergence in the short term. So, a short term rally might exist in the market, so short term traders can look for bullish opportunities for a day or two but positional traders should look for opportunities to short on marginal rise.
Posts
