Nifty Spot Supports @ 5495-5410
Nifty Spot Resistances @ 5652-5750
Last week in our Nifty technical analysis, We mentioned 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. Nifty traded between 5530-5650 for most of the time.
For Next week, Trend is neutral with further consolidation between 5500-5650 possible. On Upside Nifty spot has resistances at 5652 and then 5750. If Nifty Spot closes above 5750 for 2 days, then all trend will change into Bullish and it will move towards 5832-5945 in short term. On Downside, Strong support at 5495 and 5410. Until and unless Nifty spot holds 5495 on closing basis, chance of pullback rally possible. Closing below 5450 trend will change into bearish and next supports of 5410-5355 will come in picture. Currently, Short term is Neutral Above 5500 spot closing. Medium Term is Neutral and will change into Bullish Above 5750. 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 "
Regards,
www.equityahead.com
www.equityahead.net
www.equityahead.in
