For last 15 weeks, Nifty has been trending lower. First weekly losses started on week ended 24 Feb 12 (Close 5429) and now we are at 4891, down 538 points during this period.
Overall, Nifty now seems to have caught the support at 4880. Below this level, it could fall freely and lower levels are anyone's guess. On the upside, Nifty could show levels of 4920/4950 and 5000. It faces serious resistance @ 5040-5080 zone and does not seems likely to be taken out soon. Fresh short positions can be opened near 4950-5000.
The overall trend remains down and make no hurry to rush into long positions just yet.
Overall, Nifty now seems to have caught the support at 4880. Below this level, it could fall freely and lower levels are anyone's guess. On the upside, Nifty could show levels of 4920/4950 and 5000. It faces serious resistance @ 5040-5080 zone and does not seems likely to be taken out soon. Fresh short positions can be opened near 4950-5000.
The overall trend remains down and make no hurry to rush into long positions just yet.
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