Friday, June 1, 2012

EOD Analysis For 1st June 2012 and Outlook For 4th June 2012

OI in Nifty futures dropped significantly to about 17 million today and VIX hovering around the 26 mark

Critical levels and outlook remain unchanged for Nifty and BankNifty; Monday's close is crucial and bulls desperately need a close above 5032 on Monday and that seems highly unlikely with today's price action. If that is the case, we perhaps need to brace for some more range bound moves until 20th June as well

On downside, 4800 holds the key [4750 is the last hope for bulls to achieve 5630-5740+ by Diwali]

Over the last couple of sessions, I have been getting queries on Tata Motors and allow me to put forth the chart and potential labels on lower time frames

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