Nifty Closing Price @ 5517
Nifty Supports @ 5451-5330
Nifty Resistances @ 5620-5757
Nifty Trend Deciders @ 5451-5610
Last week in our Nifty weekly technical analysis, We mentioned that trend is still neutral and closing below 5400 & Above 5610 will make Bearish and Bullish Trend respectively. Nifty Spot failed to close Above/Below 5610 & 5400. Although Nifty gives up weekly closing gain but trend is still neutral. For next week, Nifty will face stiff resistance @ 5600-5620 zone. Most of the technical momentum indicators are mixed. There are multiple resistances between 5600-5757. Once Nifty spot closes above 5600-20 zone, It can move towards 5652-5691-5738-5777. On Downside Strong Support @ 5451-5420. Closing below these levels May support of 5370-5300 will come in picture. As long as 5451-20 holds, Trend will be neutral. Medium term is bearish now below 200 DMA of 5757. 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 "
Regards,
www.equityahead.com
www.equityahead.net
www.equityahead.in
Nifty Supports @ 5451-5330
Nifty Resistances @ 5620-5757
Nifty Trend Deciders @ 5451-5610
Last week in our Nifty weekly technical analysis, We mentioned that trend is still neutral and closing below 5400 & Above 5610 will make Bearish and Bullish Trend respectively. Nifty Spot failed to close Above/Below 5610 & 5400. Although Nifty gives up weekly closing gain but trend is still neutral. For next week, Nifty will face stiff resistance @ 5600-5620 zone. Most of the technical momentum indicators are mixed. There are multiple resistances between 5600-5757. Once Nifty spot closes above 5600-20 zone, It can move towards 5652-5691-5738-5777. On Downside Strong Support @ 5451-5420. Closing below these levels May support of 5370-5300 will come in picture. As long as 5451-20 holds, Trend will be neutral. Medium term is bearish now below 200 DMA of 5757. 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 "
Regards,
www.equityahead.com
www.equityahead.net
www.equityahead.in
