Today the weekly chart, in the short term if nifty trading sustains above 4800, levels of 4840/4910 could be expected on the upside. But the downside support can be expected at 4705, on breaking 4690 levels 4600/4560 can be seen The overall direction of the market is likely to remain weak as NIFTY has given a breakdown from the important trend-line support of 5430/5440 on both daily and weekly chart. Monthly chart, according to rising demand line (Joining from the lows of Aug 2009 (4353.45) to the low of May2011 (5328.70), breakout of 5480/5490 levels would indicate selling pressure. In this any move beyond 5480/5490 level on monthly basis would only negate the bearish view.more intraday equity tips fill our free trial form.
