Nifty views for 23-27aug

Nifty is going in our expected channel.
Nifty will be volatile in this week because of future expiry on Thursday so be cautious. Nifty can go maximum 5610-5645 then correction of 5-8% may expected in market.
Nifty's strong support is 5443 if it close below this levlel then sharp fall may be expected.

Range for nifty for this week is 5459-5600.so tread according to range.and be script specific.

Levels :-- Trigger level 5491 R1/R2 5584-5640 S1/S2 5431-5341

Short term Idea:--

Buy ACC 872 Tgt 886-900 Sl 860

Buy Patni 532 Tgt 550-568 Sl 510

Buy Hcl infosys 117 Tgt 122-127 Sl 111


Last week performance


BBuy Indiainfo 100 Tgt 103-106 Sl 97 ( both tgt achived)

Buy Jindalstl 652 Tgt 670-690 Sl 638 ( both tgt achived)

Buy Onmobile 310 Tgt 322-340 Sl 302 ( both tgt achived)

Positive Factors
1. DEFTY - dollar denominated Nifty is up 2.8% for the month of August. INR is not helping the FIIs
2. FIIs are bullish on India.
3. Reliance has very good setup make me optimistic. The stock has bounced from support 960.

Negative Factors
1. Technically the big problem for US market seems to be that there are lots of overhead resistance but no support on downside.
2. Double Dip noise is getting louder. There is apprehension that Q3 US GDP will come at negative 1.5%.
3. he slowdown worry is not only in the US. France has cut its projections for 2011 growth, down 0.5% to 2.0% for the year. There are also some doubts over the strength of the German economy in the second half of 2010.