Stock Market Forecast for the Coming Week (27th June - 1st July '11)
As we had mentioned in our records last week that 5325 was the important support level for Nifty which if broken Nifty fut can reach the targets of 5240 and 5180. Nifty fut did made a low of 5182.40. We had also mentioned that 5175 was the major support level for Nifty which if broken Nifty fut will see a major downfall but Nifty fut did not break that level and bounced from that levels to close around 5484.05.
Now we can expect Nifty to bounce up to the levels of 5535,5575 and till 5600 levels. 5610 is next major resistance on the upside where bears will try to dominate again but if bulls are able to sustain above 5610 we can expect the levels of 5780 on Nifty fut. So, short term traders should built fresh positions on the long side this week and should try to take opportunity to built longs during corrections in the market.
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