Techincal Chart update on 11th Feb 2011

In continuation with our previous chart analysis, our views in present market conditions are as follows:

(1) Till such time 5160 is broken in Cash Market (SPOT), there is nothing great to worry.

(2) But being close to 5160, there is a chance it may be broken. In such case, Nifty may fall to 4843. There seems to be very little support inbetween.

(3) Below 4843, NSE may test 4777. This level may be possible in the event of problem in Government stability etc.

(4) If 5160 is not broken, then the first target would be 5902, 6094 and 6649. This levels may be reached by 29th July 2011.

You can remain long till such time 5160 is not broken. If this level is broken, target levels need to be reworked. We would post a new article in such a situation.


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