Last week Nifty
gained more than a 100 points and the patterns that are formed on the charts
are indicating a trend reversal. There is bad news from Europe with S&P
downgrading multiple nation ratings. However, technically nifty looks poised
for a smart up move.
Nifty view for the current week -
As indicated last
week, the breakout in Nifty has occurred and the short term direction looks to
be up. Technically, Nifty looks poised for a smart up move this week. Monday would be crucial as the
news from Euro zone could play spoil sport.
Expect Nifty to face
resistance @ 4880-4930 zone. If cleared, nifty will quickly move to 4960/5000+
levels. It would be a interesting week to watch.
In case the Euro
zone bad news has a effect, Nifty could show 4850/4830/4800.
Looking at the
overall scenario, it is better to wait for a confirmation on Monday and then
takes fresh positions accordingly.
Only long positions are recommended in Nifty Futures or Buy calls. Maintain a stop loss @ 4800 spot on closing basis. Any moves on lower side must be used to add long positions.
ReplyDeleteFor tomorrow Nifty has supports @ 4930/4900/4880. Chances of Nifty trading below 4900 are low and fresh long positions can be taken near 4910 or so. Nifty is likely to show 4980/5005/5025 tomorrow on the upside.
ReplyDeleteWhat a superb rally Nifty has show this week so far. Nifty closed 5018 today. Now nifty has good support at 4975 and 4940. It does not look like 4940 will be broken on the downside soon. On the upside Nifty is likely to face resistance @ 5050 & 5070. Profits in long positions must be taken close to this levels.
ReplyDelete