Nifty Closing Price @ 5486
Nifty Supports @ 5380-5256
Nifty Resistances @ 5600-5757
Nifty Trend Deciders @ 5402-5600
Last week in our Nifty weekly technical analysis, We mentioned that trend is still neutral and most the momentum indicators are mixed. closing below 5451 & Above 5600 will make Bearish and Bullish Trend respectively. Nifty Spot failed to close Above/Below 5600 and 5451. For next week, short term trend is still neutral with some negative bias. Trend will change into bullish only if closes above 5600 for at least 2 days with good volume. Above 5600, It can move towards 5652-5691-57357. On Downside immediate supports stands @ 5451-5420. Closing below these levels May support of 5370-5300 will come in picture. Hence, Short term is Neutral and 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 "
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