For 02-05-2011.

Nifty Future closed below Day SAR(most vital level), and from last 3 days it was closing below
its Day SAR.
And in weekly chart, Last week closed below 7 EMA and weekly high Ema, so weekly basis also bearish view.
Continuous closing below Day SAR is always bearish.
Though we can see that next 1 or 2 days bulls group can fight back for survival.

Last day Nifty Future bounce back from weekly down side Chanel support which was at 5720( see the chart).

Now what next ---

If NF break 5720, then probably can test nearest support which is at 5688-5681.

Up side, If NF can cross and stay above 5754-5761, then can go towards 5782-5788.

Next up side 15 minutes SAR is at 5788.

If can cross 5788, then should go above 5812, if genuine bounce back, other wise it will not stay above 5788.

For long side trade, can buy above 5788 with strict stop loss of 5770.
For short side trade, can buy below 5760 (if fall at once) or below 5774 (If go above 15-m SAR and again fall back) with strict stop loss of 5788.

Up side Targets for Long trade are ---

5812-5823-5834-5846.

And if can stay above 5861, then bulls group can give last fight.


Down side target for short trade are --

5720-5688-5681-5647.

Lets see...






All levels, chart, SAR are for my own trading purpose, targets , resistances,supports. Others can use it for educational purpose.