Intraday View For 06/07/11

Nifty: Resistance 5655/5697/5725/5735/5758
Support 5615/5585/5557/5525/5510-5495

Nifty yesterday performed exactly as written in our post. Nifty witnessed some selling pressure at higher levels after gap up opening & close with minor loss of 18 pts.Nifty now has been in a narrow range for couple of sessions & is in consolidating mode. Today, nifty may open flat/-ve in line with Asian market. Again, view remains same. Avoid buying at higher resistance zone. Nifty closing above 5750 only, may try to extend rally towards 5850-5900 zone. On lower side, intraday Nifty needs to break & sustain below 5630 to make Bears some hold & below 5600 now we may see some more correction.

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