NIFTY VIEW UPDATE FOR 5.11.09

OPEN, LOW IS SAME IN NIFTY FUTURES

WHICH IS 4785.3 AND MADE FRESH LOW 

OF 4581.2 @ 10.29 AM AS PER MY THEORY

IT IS STILL A BUY BECOZ OPEN,LOW SAME

AND HIGHER THAN PREVIOUS CLOSE,LONG

INITITATED @ 4594 AFTER BREAK DOWN OF LOW

FALSE BREAK DOWN OF DOUBLE BOTTOM
GIVEN CHANCE TO ENTRY FOR LATE COMERS
FOR FULL RETRACEMENT AS PER EXPECTATION

TODAY VIEW:- MAXIMUM RETRACEMENT TO 4732 IN TODAY
TRADE AS RETRACMEMNT HAPPENED YESTERDAY
ITSELF , NEED TO CROSS 4732 FOR MORE RETRACEMENT
4793 WHICH IS 50% ,LET US SEE WHAT WILL BE HIGH TODAY

regards,

rajesh