NIFTY TREND

The expiry week of may is likely to be very interesting as Nifty has closed at 9039 on Friday, already 820 points down from April Close. Nifty has also closed negative for the past 3 weeks and Friday close indicates indecisiveness in direction. A cat on the wall situation. 

 You may see my weekly levels as below for nifty and BN for 26-5 to 29-5 period:
 

	CURRENT WK			NEXT WK
	NIFTY	BN		NIFTY	BN
TOP 2	9907.69	20937.98		9271.55	19146.16
TOP 1	9439.53	19757.07		9136.96	18638.10
MID	9388.41	19628.14		9122.26	18582.63
BOT 1	8971.36	18576.16		9002.37	18130.04
BOT2	8530.51	17464.15		8875.63	17651.62

The nifty levels are narrowing in the next week. As against 1400 points range during last week ( 9907-8500) next week is going to be 400 points range only ( 9271-8875). Such contraction leads to break out or break down. 

Banking scrips are already weak and at the bottom level. Do not short it and burn your money. If you do not know the bottom just keep quiet.

Last week low was 8806 which is lower than 8875. Since nifty has already visited 8806, 8875 offers a very good support for nifty. One should go long from here for target 9125 on expiry day.

I have identified stock options which can get excellent returns.  You may reach me on email to know details of the same. narayanansrirangam@gmail.com

Good Luck!