Nifty Trend
The S&P CNX Nifty showed good strength and it is back above the crucial level of 5000 and closed in green. Tomorrow, the markets are expected to open flat after taking cues from the global markets. On the upside, Nifty has resistance between the levels of 5055 - 5100 and profit booking could also be seen from this level. On the downside, Nifty has support between the levels of 4945 - 4900. Friday is the last trading day of this week therefore, some volatility might be seen. If Nifty shows strong strength above 5,000 levels, then rally towards 5,055/5,100/5,145 could be seen. If Nifty does not show strength above 5,000 levels then selling pressure till 4,955/4,900/4,8y45 could also be seen.
Strategy: Traders are advised to trade long in the Nifty if it sustains above 5,000 for target of 5,048 levels level with a strict stop loss at 4,978.
The S&P CNX Nifty showed good strength and it is back above the crucial level of 5000 and closed in green. Tomorrow, the markets are expected to open flat after taking cues from the global markets. On the upside, Nifty has resistance between the levels of 5055 - 5100 and profit booking could also be seen from this level. On the downside, Nifty has support between the levels of 4945 - 4900. Friday is the last trading day of this week therefore, some volatility might be seen. If Nifty shows strong strength above 5,000 levels, then rally towards 5,055/5,100/5,145 could be seen. If Nifty does not show strength above 5,000 levels then selling pressure till 4,955/4,900/4,8y45 could also be seen.
Strategy: Traders are advised to trade long in the Nifty if it sustains above 5,000 for target of 5,048 levels level with a strict stop loss at 4,978.
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