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”
Regards,
