Last Week, We mentioned 2 Crucial Levels. Big Resistance @ 6357 & Strong Support @ 6230. Above/Below Market was expected to move 100-200 Points Atleast. Nifty Failed to Cross 6357 & Breached 6230 & Hence Closed @ 6071, around 150 point down. Reason will come by IRELAND a default by 70 bn US $ (Just the MCAP of SBI) and Supported By China Market Cracked 5% in 2 Days. But I think Reason is far different. Market was overbought and over leveraged and this kind of correction which keeps on coming every now and then helps creating balance of the market. Also, FIIS were churning their portfolio which leads to this affect. Now Rumors started Buzzing of 5600. We believe if market breaks 200 DMA which is below 5400 then Only market will turn Bearish atleast technically for medium term.
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For Coming Week, Nifty has Strong Support @ 5980-5930-5865. If 5930 Holds, It can Bounce till 6150-6240. Again Stiff Resistances @ 6280-6357 which will lead to more upside or reversal. Technically, Closing Below 5865 makes Downside target more wider till 5775-5600. Watch out 5930-6000 Support Area for Long/Shorts for next week.
" Trade with Levels not with Hope "
Regards,
www.equityahead.com
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For Coming Week, Nifty has Strong Support @ 5980-5930-5865. If 5930 Holds, It can Bounce till 6150-6240. Again Stiff Resistances @ 6280-6357 which will lead to more upside or reversal. Technically, Closing Below 5865 makes Downside target more wider till 5775-5600. Watch out 5930-6000 Support Area for Long/Shorts for next week.
" Trade with Levels not with Hope "
Regards,
www.equityahead.com
