Nifty trend is very weak, where Nifty lost around 112 points, with weekly range of 234 points. From last three weeks Nifty is falling sharply and totally lost 463.3 points on closing basis.
On Tuesday, Nifty got most of the damage during last week. While on closing of the week, we got Engulfing Bull candle, which signifies reversal and support from lower levels. It indicates traders can stay long with stop of 5490. Nifty made a low of 5477.20 on 10th Apr’13 and Nifty posted a low of 5486.85, it almost formed the double bottom. Relative Strength Index is showing Positive Divergence on daily chart, from the above observations we feel technical pullback in Nifty can’t be overruled in coming sessions. But any bad news relate with fundamentals can destroy the technical pull back on short term. So trade cautious with eye on news and global trend. So monday the first resistance for nifty is at 5584-89 level,On downside first support is at 5528-23 level. The trend is still weak but a strong move above 5600 may cause some short covering and a close above 5650 is a slight bull signal.Below 5520 sellers are strong.So no long for intraday unless nifty strongly stays above 5600.For trend again to be in bull side a close above 5650 is required So short term buyers better buy above that level.
On Tuesday, Nifty got most of the damage during last week. While on closing of the week, we got Engulfing Bull candle, which signifies reversal and support from lower levels. It indicates traders can stay long with stop of 5490. Nifty made a low of 5477.20 on 10th Apr’13 and Nifty posted a low of 5486.85, it almost formed the double bottom. Relative Strength Index is showing Positive Divergence on daily chart, from the above observations we feel technical pullback in Nifty can’t be overruled in coming sessions. But any bad news relate with fundamentals can destroy the technical pull back on short term. So trade cautious with eye on news and global trend. So monday the first resistance for nifty is at 5584-89 level,On downside first support is at 5528-23 level. The trend is still weak but a strong move above 5600 may cause some short covering and a close above 5650 is a slight bull signal.Below 5520 sellers are strong.So no long for intraday unless nifty strongly stays above 5600.For trend again to be in bull side a close above 5650 is required So short term buyers better buy above that level.
Positional Immediate support for NIFTY is 5480
positional Resistance for NIFTY is 5704 5810 5826 5837 5855 5863 5864 5898 5911
Intraday Resistance of NIFTY are 5601.9 5632.9 5677.1 5692.8
Intraday Support of NIFTY are 5527.4 5498.4 5455.3 5440
Intraday Resistance of NIFTY are 5601.9 5632.9 5677.1 5692.8
Intraday Support of NIFTY are 5527.4 5498.4 5455.3 5440
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