For 19-05-2011.

Nifty Future bounce back from just above the weekly Chanel support.
Weekly support is at 5389.
Below this another support is in day chart at 5385 for tomorrow.
There is some +ve divergence visible in hourly and day chart.

See the next chart ---

In this 30-M chart, not a single bar closed above RSV-line-3 during this fall,
But today last bar just closed above this RSV-line-3.
If tomorrow it can manage to close above RSV-line-1, then can go up side, until & unless one bar close below RSV-line-3.

And if can cross and stay above 5459, then can gain strength.
Above 5459 if can stay, then can go towards 5519 - 5556.
close above 5556, is more bullish.

And if fall from current level, then nearest support at 5416/17 and below this can test
weekly or daily support, below that 5359.
Any way , i think NF will not stay at these low level.

Lets see.....









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