Labels: , , , , , , , ,

For the coming week, technical indicators are in fairly positive zone. Nifty has critical resistance at 5,650 which is ``200DMA``. Closing above this level can take index to the higher levels of 5,775. Support for the market is at 5,510. Trading below this level can invite significant unwinding of longs which can drag index to the levels of 5,340 with minor support at 5,440. One should not venture in aggressive longs at the levels of 5,620; instead call options should be traded. Traders should look for initiating level based trading in Nifty. Long around 5,340 for target of 5,550 with stop placed at 5,240. Short below 5,510 for target of 5,340 with stop placed at 5,560.


Post a Comment