Markets near strong resistance , Call for Friday June 5

Markets went down today in the start and then bouced back . A small positive divergence was visible on MACD and RSI . It was worth taking a long shot because the prices were near the low of 2 days and hence a bounce back was expected .


Markets rallied then and didnt stop .. It closed near days high and at very important and strong resistance levels of 4570 levels . I am personally not very bullish , but i will change my mind if markets show me that i am wrong .

Better to make long positions only if markets move above 4600 and buy on a small 20-25 points dip on intra-day level . Go short if markets start moving down from here with tight stop losses .
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Market update 3rd June Wednesday

US markets are up marginally and SGX nifty is also up . we are near very important resistance level now . Momentum Can take this rally to 5000 levels or the correction can take it to 4000 levels again where it can again be a good buy for long term investors . NIFTY PE stands at 21 which is the main discouragement for long term investors


S2 4385.85
S1 4455.5
Pivot *4520.95*
R1 4590.55
R2 4656


What can be done now ?

I believe that trades should be taken on trend basis now , dont fall in that trap of catching the top of bottom and get maximum out of markets , better to go with it .

Buy when 50 EMA crosses above 200 EMA and sell otherwise .
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Update for Thursday , May 28

Markets closed just above important resistance levels of 4270 . Tomorrow is expiry day and bias is on upside now .

- US markets are trading Flat .
- GM is close to bankruptcy .

I expect market to open flat tomorrow and it might start its upmove towards R1 levels of 4337 .

R2 4,397
R1 4,337
Pivot 4,226
S1 4,165
S2 4,055

I expect market to open flat to low and then start its upmove high. I am planning to avoid trading tomorrow . People who want to trade should buy at dips only and that too for June series . Last day of expiry can be very risky .
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