As indicated last
week http://samirmachawe.blogspot.in/2012/02/nifty-to-rally-more-this-weekbulls.html, Nifty was fully controlled by bulls and all my upside targets suggested,
were achieved. This week however, Nifty seems to have run out of some steam and
likely to cool off a bit before it begins its upward journey again.
This
week Nifty faces resistance at the 5410-5430 zone. It is likely that this zone
shall be held for a few days in this week. On the lower side expect Nifty to
show levels of 5360/5280/5260. A strong support exists near 5250-5220 zone.
Fresh long positions can be taken close to this range. Expect Nifty to rally
from here and 5510-5530.
Short positions can
be taken on Monday in Nifty futures with stop loss @ 5450 and a target of
5280/5260.
The overall trend
for Nifty remains up and any lower levels must be used to add fresh long
positions only. 5220-5190 remains the base level for Nifty and it is likely to
show newer highs soon.
No comments:
Post a Comment