Nifty Closing Price @ 5486
Nifty Supports @ 5402-5305
Nifty Resistances @ 5610-5700
Last week in our Nifty technical Analysis, We mentioned that trend is neutral and market in sideways zone of 5450-5620. Closing Below 5470, Nifty will move towards levels of 5380-5300. Nifty made low @ 5401 with low volume and on Friday recovered some ground and closed @ 5486. Last week, Volume was very low and Nifty failed to move either side. For Next Week Nifty Technical Analysis, Nifty will face major stiff resistance between 5610-5700. Nifty will slowly strength its bullishness while crossing many hurdles from 5600 to 5755. Trend is neutral now. As long as 5400-5380 Holds, One can Add Contra longs with strict stop. Trend will become bearish below 5400-5380 Closing and then 5300 and more lower levels will come in picture. Medium term is bearish now below 200 DMA of 5755. Long term is bullish and this ongoing consolidation and corrective phase is long term time-wise correction only. Hence, One should accumulate fundamentally strong scrip's in systematic way for 1-2 year time-frame.
" Trade with Levels not with Hope "
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