Nifty (5086↑19): Nifty initially remained in a range, the last half an hour pull back has led to a close at day’s high, indicating the Nifty pull back rally is intact.
Nifty immediate support is at 5038-5017 if holds and is able to move decisively above 5097 the intraday bias would be positive and next possible target would be at 5146-5170 levels, these levels would also act as a resistance as it is placed at an important Fibonacci 61.8% retracement levels of its previous fall.
Nifty below 5017 levels would have a negative bias for its intraday trend.
Strategy would be to continue to with restricted stock specific positive trades till the Nifty pull back movement is intact, avoid over leverage.
The nature of current pull back is crucial that would decide whether the Nifty larger degree trend, discussed above, would remain intact or not.
The pull back may move higher up to 5010-5079-5149); time-wise, the pull back would remain intact between 9 June and 2 July ’10 i.e. 38.2-100% of the time taken by the entire pattern formation. On completion of the pullback movement, the Nifty, once again, may resume its downward trend to create new lows.
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