Nifty forms a strong base ...to rally further!

Nifty view for the current week (21 Feb onwards)

Out of last 6 consecutive week, Nifty has been in control of bulls for 5 week, with one week showing a flat close. This indicates the great amount of bull energy. Now all trend - short term, medium term and long term are positive for Nifty.

This is a expiry week and volatility cannot be ruled out. Any downward movement by Nifty must be used to add long positions and short positions must be avoided or must be taken with strict stop loss only.

On the downside Nifty may show 5550/5520/5500/Lower.

Strong supports for Nifty this week - 5490/5430. Any move close to 5450 or lower must be used to add long positions, as there are little chances that Nifty will trade in this range or lower for long. A strong bounce must be expected if Nifty ever ventures into this area.

On upside the targets are - 5600/5650/5750 in coming days.

5300-5250 remains a strong base for Nifty as of now.