Nifty Spot Closing Price @ 5211
Nifty Spot Supports @ 5100-4970
Nifty Spot Resistances @ 5330-5450
Last week in our Nifty technical analysis, We mentioned Nifty is broadly in neutral and sideways zone between 5400-5700. Closing below 5370, Trend will change into bearish and June low 5256-5195 possible. The weakening financial and debt crisis in the US and Europe took a toll on our markets and Nifty hit 5116. Nifty spot closed at 5211.
For Next week, Nifty is in bearish mode. Next Nifty spot supports stands at 5130-5050-4970. Technically, Nifty is bearish below 5350. Until and Unless Nifty trades below 5350, Bears will try to short on every rise. Closing above 5350 trend will become mild positive and 5410-5470-5560 will come in picture. Now, Both short term and medium term are Bearish and 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 "
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