Nifty Future For 20 June,2008 - Viral Joshi

As I said yesterday Dow Jones will bounce back from support level and it did.This day's markets would react upon reflection on the global cues. Negative sentiments from US markets, due to rising in crude prices and weak reported earnings from Fedex and Morgan Stanley. In my view, Nifty is not going to break 4400 level again and could bounce back from 4430 levels.

Pivot for Nifty future is 4500 and support 4430.

S1 4480; S2 4450; S3 4430; and R1 4500; R2 4520; R3 4550/4580;

Buy above 4500 and if it breaks 4520 then 4550-4580.
Short below 4490 and if it breaks 4480 then 4450-4430.

Market sideways at 4490-4500 .

Daily moving average:

5DMA 4566;
20DMA 4675;
50DMA 4878;
200DMA 5239.