Nifty Spot Closed at 5322
Nifty Spot Supports at 5238-5120-5049
Nifty Spot Resistances at 5421-5512-5630
Trend - Mild Bullish.
March was range-bound month for market. After 7 consecutive weeks of sharp upswing, We saw 4 weeks of market consolidation and some correction. Technically, Nifty is bullish above 515 which is also 200 DMA. On 29th march, Nifty hit 5150 but bounced sharply from 200 DMA and now trading with mild bullish at 5322 level. The single most important reason why market is not falling so far is nobody is convinced about upside. Open Interest indicates market is balanced with not too much longs.
Q4 earnings will be better than analyst’s expectations as analysts are extremely bearish on the same line like Q3. RBI will meet again in April for possible rate cut. Although, Rate cut will be slower in 2012 due to high inflation. Fiscal deficit between 5.5%-6% is concern. Stimulus of US and Europe will bring liquidity in India. Overall, Fundamental looks neutral for month of April.
Until and Unless, Nifty Holds 5150 spot on closing basis, The only way to beat the street is to have only one side approach BUY on DIPS. closing below 5150, Market will bearish for Short as well as Medium term. For short term, On Upside, Nifty spot will face resistance at 5421-5512-5630. On Downside, 5218 and then 5120-5049 are key support level. Long term is bullish. One should continue to HOLD/Buy on Decline fundamentally strong scrip's for 1-2 year time frame. We maintained Bullish term outlook for whole 2011 and we are doing the same for 2012 too.
“Trade with Levels not with Hope”
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Nifty Closing Price @ 5627
Nifty Supports @ 5520-5410
Nifty Resistances @ 5720-5871
Last week in our Nifty technical analysis, we mentioned Trend is Bullish with major Hurdle @ 5550-5610. Nifty continued to move upward from 5471 to 5705 while crossing hurdle of 5550-5610 and closed at 5627. For Next Week, Trend is still Bullish but profit booking at higher level possible. Next Crucial resistances stands @ 5720-52. Above these levels, Nifty can move towards 5800-5871-5920. On Downside, Strong supports at 5520 - 5458 - 5410. As long as 5520 holds, Trend will be Bullish. Closing below 5458 trend will change into bearish again. 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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Nifty Closing Price @ 5551
Nifty Supports @ 5470-5380-5300
Nifty Resistances @ 5620-5690-5784
Nifty Trend Decider @ 5450-5620
Last week in our Nifty weekly analysis, We mentioned 5720-5690 is crucial support. Closing below, Nifty can drift towards 5620-5560. Nifty made low at 5444 & on Friday recovered some ground & closed at 5551 due to sharp correction in commodity prices. Last week Nifty weekly Support of 5690-5720 will act as stiff resistance for next week. Closing above 5690-5720, Nifty will move towards 5810-5930. On Downside, Nifty has support @ 5450 then 5370-5300. Trend for short term is Neutral from bearish due to sharp pullback rally on Friday. Bullish/Bearish Above/Below 5620/5450 on Closing basis. Medium term is bearish now below 5700. Long term is bullish and this ongoing consolidation and corrective phase is long term time-wise correction only. Hence, One should accumulate fundamentally sound scrips in systematic way for 1-2 year time-frame.
" Trade with Levels not with Hope "
Regards,
www.equityahead.com
www.equityahead.net
www.equityahead.in
