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Mid-session Outlook(06-06-2011)

Nifty slipped below 5500 Supreme Court notice news to Union Govt. on forceful eviction of Saint Ramdev and followers from Ram Lila Ground. Sentiment is depressed after weaker global markets and Baba Ramdev big jolt to Centre Government.

Nifty has moved below 38.2% retracement level(5494) and next retracement levels are as follows:-

50.0%- 5463
61.8%- 5431

Market is slipping after adverse news flow,let down move stopping confirmation come then up moves should be considered and 5459-5473 is strong support and Nifty slipping below 5459 will be strong indication of deep down markets therefore 5459 should be taken as weakness confirmation level.

Unrest,Agitations and Satyagraha today therefore sentiment is depressed and Indian markets slipped below 5500 today but sustaining below 5459 will be down moves confirmation and view will be bearish after sustaining below 5459 only. 

News based sentimental weakness today and confirmation will be after sustaining beyond above mentioned levels only.
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