NIFTY has been trading in a range of 5300 to 5650 for quite some time.

On 20th June, it has breached an important support @ 5300 hundred. It touched a LOW of 5196 today, before closing @ 5258. Another important support is around 5180, however, I am confident that it will get breached too!

Next target for NIFTY is 4969, and I won't be surprised if we see it achieved by 22nd June 2011. Two days to go!

Thereafter, next support levels are 4765 and 4300. Watch out for a 20% run down on NIFTY.

Happy Trading Shorts!