MY VIEW

Today market closed above 4500 levels.It struggled to reach that level. Only at the closing time it reached that level. On 18-05-09 nifty had a gap up opening of nearly 700points and had friezed due to election results. In addition, continued to rally with the same mood to 4500 levels.To my knowledge technically nifty had not yet consolidated for that 700 points, so I feel this raise is without strength. To my mind nifty should come to 4116 levels this week, before the pre budget rally of 5300 levels.
Other wise, achieving 5300 levels in June contract will be difficult. Let us wait and watch.
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