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Nifty Outlook for 01-04-2011

Nifty Daily Chart: Nifty resisted at 5875 levels yesterday, and as we expected there were wild swings due to FNO expiry. Looking at the chart, I feel that nifty will start moving down in a day or two and will try to fill the gaps formed during last week; before it resumes the move upward. I feel nifty would make a move towards 5610.
Nifty Intraday Chart: Nifty broke the positive trendline for the first time yesterday, however it turns back quickly to the trend channel. We need to wait and watch whether, a new negative trendline would be formed.

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