Nifty Spot Closing Price @ 5482
Nifty Spot Supports @ 5400-5330
Nifty Spot Resistances @ 5560-5650
Last week in our Nifty technical analysis, We mentioned Nifty is mild bullish and closing above 5730 for 2 days, it could move towards 5800-5848. As expected the strong resistance zone mentioned last week proved to be too strong and the market reversed exactly from there due to unexpected 50bps interest rate hike by the RBI. Later, Market corrected and closed below crucial support of 5530.
For Next week, Nifty spot below 5530 next crucial support stands at 5410-5370. Technically, Nifty is in sideways zone between 5400-5700. Trend is broadly neutral now between 5400-5700. Closing above 5700 for 2-3 days, Trend will become bullish and next upside target could be 5800-5848-5930. Closing below 5370, trend would change into bearish and June low of 5256-5195 will come in picture.Short term and Medium Term are Neutral. Long term is Bullish and this is the time to accumulate fundamentally strong scrip's in systematic way for 1-2 year time-frame as this was ongoing consolidation and corrective phase for long term.
" Trade with Levels not with Hope "
Regards,
www.equityahead.com
www.equityahead.net
www.equityahead.in
Nifty Spot Supports @ 5400-5330
Nifty Spot Resistances @ 5560-5650
Last week in our Nifty technical analysis, We mentioned Nifty is mild bullish and closing above 5730 for 2 days, it could move towards 5800-5848. As expected the strong resistance zone mentioned last week proved to be too strong and the market reversed exactly from there due to unexpected 50bps interest rate hike by the RBI. Later, Market corrected and closed below crucial support of 5530.
For Next week, Nifty spot below 5530 next crucial support stands at 5410-5370. Technically, Nifty is in sideways zone between 5400-5700. Trend is broadly neutral now between 5400-5700. Closing above 5700 for 2-3 days, Trend will become bullish and next upside target could be 5800-5848-5930. Closing below 5370, trend would change into bearish and June low of 5256-5195 will come in picture.Short term and Medium Term are Neutral. Long term is Bullish and this is the time to accumulate fundamentally strong scrip's in systematic way for 1-2 year time-frame as this was ongoing consolidation and corrective phase for long term.
" Trade with Levels not with Hope "
Regards,
www.equityahead.com
www.equityahead.net
www.equityahead.in
