Nifty Spot Supports @ 5600-5541-5442
Nifty Spot Resistances @ 5750-5832-5945
Last week in our Nifty technical analysis, We mentioned Trend is Bullish but profit booking at higher level possible. Next Crucial resistances stands @ 5720-52. Above these levels, Nifty can move towards 5800-5871-5920. Nifty Spot failed to close above 5752 and finally closed @ 5660 on Friday.
For Next Week, Nifty Spot has crucial resistance of 200 DMA around 5750. Nifty is also overbought, Hence some consolidation possible around 5550-5750. If Nifty Spot closes above 5750 for 2 days, then it will move towards 5832-5945. On Downside, Crucial Support at 5600 and then at 5541. Closing below 5541 trend will change into bearish. Currently, Short term is Bullish Above 5600 Spot closing. Medium Term is Neutral. Long term is Bullish and we always mentioned 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 "
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