Nifty Spot Closed @ 5445
Nifty Spot Supports @ 5400-5340-5222
Nifty Spot Resistances @ 5561-5630-5750
Strong/Weak Above/Below 5410
last week, Nifty traded in narrow range of 5410-5560 due to lack of news-flow & low institutional participation. Technically, market is still in sideways zone & break of this range with volume will increase the range & momentum. Nifty Spot has strong support of 5410-5370. Closing below 5370, It will move towards 5278-22. On upside It has big resistance @ 5560-5600 where lots of profit booking and fresh short is visible. Once Nifty Crosses & Sustain Above 5600 and then 5675 then short covering & fresh buying can emerge which can lead to 5750-5800 zone. For trading prospective, Its BUY on decline & Sell on rally in the range of 5410-5380 to 5560-5600. Short term is Neutral & Medium term is still bearish below 5600 zone. Long term is Bullish since last 2 years and we always mentioned to Buy in Systematic way at lower level as this was Bull market correction not bear market correction.
Nifty Spot Supports @ 5400-5340-5222
Nifty Spot Resistances @ 5561-5630-5750
Strong/Weak Above/Below 5410
last week, Nifty traded in narrow range of 5410-5560 due to lack of news-flow & low institutional participation. Technically, market is still in sideways zone & break of this range with volume will increase the range & momentum. Nifty Spot has strong support of 5410-5370. Closing below 5370, It will move towards 5278-22. On upside It has big resistance @ 5560-5600 where lots of profit booking and fresh short is visible. Once Nifty Crosses & Sustain Above 5600 and then 5675 then short covering & fresh buying can emerge which can lead to 5750-5800 zone. For trading prospective, Its BUY on decline & Sell on rally in the range of 5410-5380 to 5560-5600. Short term is Neutral & Medium term is still bearish below 5600 zone. Long term is Bullish since last 2 years and we always mentioned to Buy in Systematic way at lower level as this was Bull market correction not bear market correction.
" Trade with Levels not with Hope "
Regards,
www.equityahead.com
www.equityahead.net
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