10/08/2011 Trading View

10/08/2011 Trading Views
As have to wait for the FOMC announcement the posting got bit delayed.

Nifty opened below 5000 mark at 4946 for the day from there it
recovered well to make a high of 5167 and given back most of its gain
and closed for the day at 5072 which is 45 points down from previous
close.
The support for the Nifty comes at 4946 and 4900 the resistance
comes at 5230 and 5330. As the volatality in the market has increased
do the trade with strict stop loss.

Today the market is expected to give a mild pull back one can enter for long position above 5030 with strict stop loss of 4985 for the target of 5167 , 5233 and 5330 , this up move can end any where in between.

Short term : Pull back
Medium term : Bearish