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If Nifty goes above 5580 then it will be add bulls strength to market

By Rajesh V

Rajesh V recommends Aban Offshore
Nifty future July (Refer Chart- Nifty Weekly)

Yesterday, Nifty has set a positive close at 5565 on technical levels.


If it manages to trade above 5580 levels then it will add bull"s strength to market. As of now Nifty has a strong resistance at 5620, which is its five-weeks high. And if it closes above 5620 we can expect rally all the way till 5710-5770.

On the downside, Nifty has support at 5523/5498 and its last strong support will be at 5440

For Nifty set the positional long trailing stop loss at 5535 (which is its close base)

Bank Nifty future June (Refer Chart- Bank Nifty Weekly)

Bank Nifty had managed to close above its weekly support level of 10980.

Bank Nifty Supports are 11030 / 10980 and Resistances are 11122 / 11170 / 11247

Delivery pick (Refer Chart- ABAN)
Aban Offshore has fallen from Rs 720 levels. Over the last 3 days it has turned towards positive mode again. Therefore, we can expect rally to Rs 540 or even all the way up to Rs 580 levels. Keeping the stop loss level at Rs 526 will be technically sound.

Aban offshore
Buy at Rs 523 levels
Stop loss at Rs 517
Target price of Rs 530/535

Buy at Rs 353.50 levels
Stop loss at Rs 350
Target price of Rs 358/362

Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in the share broking industry. He is a contributing writer for

OneIndia Money DISCLAIMER: The views expressed in this article are the views of the author and do not reflect the views of our company. OneIndia Money does not take any responsibility for any losses incurred by investors who take their cues from the above article.

Story first published: Wednesday, June 29, 2011, 9:08 [IST]
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