"TRADING IDEA FOR THURSDAY (27.05.2010)" :: THE EXPIRY DAY!!

Indian Markets bang on yesterday over global cues. Nifty surges 110 points and ended with 4917.70.
Today is expiry day. It is also a holiday for the auspicious function "BUDDH PURNIMA". Its a Gazetted holiday.
Today on Thursday, Nifty may open flat to negative. However, due to short covering and rollover process, it may be volatile also. Nifty will face a resistance around 4977. After crossing 5000, negative downtrend may turns into neutral and slowly it will be in uptrend.
MAY SERIES maybe SETTLED AROUND 4950. However, all are advised to be cautious for a day or two since we are still not OUT OF WOOD!!!!!!! Due to expiry, no recommendations for intraday.
Disclaimer:: I have long position in Nifty (June Series) and probably I will not be available during trading hours.

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