Nifty Supports @ 5340-5252
Nifty Resistances @ 5600-5752
Last week in our Nifty technical analysis, we mentioned Trend is negative with support @ 5330-5280. Below 5280, it could move towards 5238-5177. Nifty made low 5195 after breaching all support of 5330-5280-5238 due to Mauritius treaty news. After making low @ 5195, Nifty recovered sharply and closed strongly @ 5471. Sharp recovery was mainly due to short covering and Value buying at lower level. For Next week, Trend is Bullish with major Hurdle @ 5550-5610. Above 5610, Next crucial resistances stands @ 5710-5752. On Downside 5340 will act as crucial support. Now, Short term is bullish and Medium term is bearish below 200 DMA of 5752. 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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