Long awaited correction

Finally it was done and Nifty was able to get rid of the small trading range. The slide continued till the end of the day and closed 0.05 point above the important support level of 5033. Technically speaking, the indicator trend for short term correction, but personally i feel this level is an area to take positional longs for higher target.

Look on to this chart.. this is Nifty future chart which has taken support exactly at 23.6% retrace level. May be i can go completely wrong, if this level holds for tomorrow then we may see higher targets soon. A bunch of supports like 5010, 5004, 4986, 4963, 4954 are lying behind.

Infosys advance tax numbers giving us some hope for good quarterly result ahead. We may have a fair chance to see 2007 bull markets again and IT sec will lead the rally at this time also.


Nifty spot levels for the day:

4995 - 5004 - 5030 - 5047 - 5072 - 5105 - 5120

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