As we saw a strong selling in the broader markets for the week, we are now seeing that this correction cannot be ruled out to more extend. So a bounce is expected by support at lower levels followed by short covering.
When we talk about nifty we are more likely to bounce back to 5979 levels. Technically nifty is having strong support at 5700 level. Resistance at 5905 and 5979.
Our trading strategy for next week 29 November 2010 : Buy nifty near 5766 level for target 5907 and 5979. Also place stop loss near 5700.