Last
week Nifty gave up some of its gains and closed 132 points lower. Nothing much has changed on the charts though
and the overall trend remains up. I still maintain my view that any downward
movement must only be used to add long positions.
This
week Nifty has support at - 5420/5370/5350. I expect a bounce from close to
5370, if 5420 is breached, chances of which seem low!
On
the upside this week, expect nifty to show levels of - 5460/5480/5630. The
first brakes shall be applied around 5610-5630 zone. Once this is decisively
cleared Nifty will quickly rally to show 5720/5750.
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