Nifty Closing Price @ 5366
Nifty Supports @ 5300-5177
Nifty Resistances @ 5470-5600
Last week in our Nifty weekly technical analysis, We mentioned that trend is still neutral with some negative bias. Trend can only be bullish if closes above 5600. Closing below 5451, Nifty will move towards 5370-5300. Nifty Hit 5355 on Friday. For Next week, Trend is negative as of now until nifty closes above resistance zone of 5470. Next immediate nifty supports stands @ 5330-5280. Below 5280, it could move towards Feb low of 5238-5177. On upside, near term resistance stands @ 5470. Closing above 5470 with good volume can move nifty towards 5530-5600 where major resistance will come in picture. Now, Both Short term is bearish and Medium term is bearish 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 @ 5300-5177
Nifty Resistances @ 5470-5600
Last week in our Nifty weekly technical analysis, We mentioned that trend is still neutral with some negative bias. Trend can only be bullish if closes above 5600. Closing below 5451, Nifty will move towards 5370-5300. Nifty Hit 5355 on Friday. For Next week, Trend is negative as of now until nifty closes above resistance zone of 5470. Next immediate nifty supports stands @ 5330-5280. Below 5280, it could move towards Feb low of 5238-5177. On upside, near term resistance stands @ 5470. Closing above 5470 with good volume can move nifty towards 5530-5600 where major resistance will come in picture. Now, Both Short term is bearish and Medium term is bearish 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
