Supports @ 5830-5700
Resistances @ 6040-6175
We have been bullish since last 1 month from 5750 levels. Nifty Spot Hit 5950-6050 and finally 6180 Above 6050 & Finally a sell-off came once it failed to cross resistance zone of 6175-6202. Now Nifty closed below 5970 which makes short term bearish. On Downside, Nifty Spot will find Support @ 5830-5700 & on Upside Once crosses 5950-6020, Short covering will come. Its Bullish/Bearish Above/Below 5970 Spot Closing. Overall, Nifty in range of 5700-6300 for last 4 Months which makes BUY on Decline & Sell on High in trading market. Bank Nifty Support @ 10,810 which is 200 DMA which will help PullBack/Break 5%-10%. Rising Inflation & Interest Rate concern mostly priced. In Next 2/3 Months, when Negative will come in Banking, It will react positively. As the year 2011 started, most of the stock market participants are again bearish and talking more about concerns rather than positive outlook same like 2009 & 2010, Hence Equity looks to surprise on upside this year too.
" Trade with Levels not with Hope "
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