It seems that Nifty has closed very near to 5417 which is 20dema and clearly below 5441 which is 5dema and so entered again into short term bearishness but 5386 should offer support this week and if it holds again sideways movement with bullish bias will continue. Otherwise Nifty is heading for 5330 this week.

Levels given today
NIFTY
Buy Above/SL 5486/18283Target 5513/18378
SAR/Sell Below 5468/18223 Target 5435-5423/18109--18060
Sell Below/SL 5418/180050 Target 5390/17955
SAR/Buy Above 5436/18110 Target 5468--5483/18224--18275

BANK NIFTY
Buy Above/SL 10837 Target 10917
SAR/Sell Below 10785 Target 10688---10650
Sell Below/SL 10638 Target 10556
SAR/Buy Above 10689 Target 10785---10825

Trade Diary for 16-08-2010

1.45 pm Sold 2 lots at Nifty spot 5418
3.25 pm Bought 2 lots at Nifty spot 5418 [our target 5390 was not reached.]

Net for the day --------------------- Zero points
Net for August Month [11 days] ----- Gain of 395 Points [2lots]

Bank Nifty trade was not done as our levels were not entered into.
Net for August Month [8 days] --------------Plus 350 points [1lot]