Nifty - a short term rounding top ?

The Nifty's mvoement for past few days was what we discussed in the ITG group meetings. Even the sectors and stocks indicated have given indicated moves.

Currently it seems that the Nifty is making a rounding top (on the short term at least) and could be targeting a level of 5050 in coming days.



Moreover, many index heavyweights are getting weak and with the results season on, we may see selling pressure in upmoves.

Keep an eye on 5245 in intraday. Upmoves will face resistance now at 5290 (the down break out level indicated in the ITG)

Happy profit booking !

CA Rajiv D Khatlawala
www.investogyan.com