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Monday 12 May 2008

Nifty - for Monday 12th

Nifty range from 4633 to 5254 has started correcting. An automated trading system of a friend generated a sell at 5151 spot. 4943 is half retrace of the last up move and is almost there. A spike down to 4870 can be anticipated if the mode is still good. Else these days the big fellas have a tendency to stop at intermediate levels and turn from there as these levels are not looked by many. One such level is 4766. After that is will be nerves that play with panic down. Immediately we see some technical bounce back from the half retrace level of 4943 to max upside of 5099.

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