Nifty Weekly Update for 30 May to 03 June 2011

Nifty has arrested the downtrend on daily charts. Nifty is a buy on dips with Stop and reverse placed at 5422. However on the weekly charts nifty needs to close above 5517 to gain momentum on the upside. The weekly support for Nifty is plugged at 5409. Below this the downtrend will resume. The strategy will be to buy on dips till 5422 and sell at resistance around 5515. A close above 5517 will be good for bulls and a close below 5409 for bears.