As per Weekly Charts. Now the gap between the Nifty Spot Price(4448) and Nifty 5 EMA value(3988) is exactly 450 pts. It is already proved in this blog many times that 5 EMA will act as a gravitational force. If the candle shows major deviation from the 5 EMA line then the candle will tends to move towards the 5 EMA line. And As New month is going to start it is worth watching the gap between the 5 EMA Montly(3571) and Spot Price(4448) and the price difference is more than 800 pts such huge gaps are historically proved to be unsustainable. So taking all these factors into consideration,Even a gap up opening on monday(1st Jun 2009) will be unsustainable regardless of the fundamental news….. What Ever it may be.
All we need at this point of time is a cooling process just a timewise correction without that we cant trend higher further.