Sunday, January 29, 2012

Nifty Weekly Technical Analysis (30th Jan-03rd Feb)

Nifty Spot Closing Price @ 5204
Nifty Spot Supports @ 5058-4907
Nifty Spot Resistances @ 5270-5400


In 1st 4 weeks of January, Nifty moved around 650 points from bottom of 4588. Momentum indicators are overbought with possibility of some consolidation and correction in near term if fails to sustain above 5200 spot. Nifty spot is standing at crucial resistance at 5200 which is 200 DMA. If Nifty sustains above 5200 zone for 2-3 days, it will reach 5352-5400 in Feb. On downside, Supports @ 5118-5058-4981-4907-4830. Short term trader can take some profit on longs and Hold rest with trailing SL of 5118 on closing basis. Avoid Fresh positional longs or trade with tight SL. Overall, Market is Bullish above 5058 for short term. Whenever there would be correction, it would be time to buy.

Last time, we mentioned Long term investors don’t need to panic at 4500-4600 levels. Long term investors will gain a lot if they HOLD or Buy quality fundamental scrip’s for 1-2 year time frame. Sensex was trading at attractive levels and many stocks were even trading at more attractive levels. Short and Long term are Bullish now. Long term investors should hold fundamentally strong scrip’s and Add on decline. Medium Term bearish below 5400-5500 levels.







“Trade with Levels not with Hope”

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