The past week was clearly a Bearish one for Nifty as described in my last week’s analysis. Notably the range (High – Low) of Nifty for the week was exactly 100 points. Nifty has closed the week below the intermediate Bull trend line which indicates bearishness at least for the start of the week.
The area between 6129 to 6152 continues to act as a strong support for Nifty. This is further corroborated by the fact that Nifty hit this area 3 times last week and bounced back. As long as Nifty manages to close above this level on a daily basis, we could see another pull back to the 6250 – 6260 levels. Close above these levels could catapult Nifty past 6300. Question in my mind is, how long can the bulls hold the fort?
If the bears manage to close Nifty below the 6130 level, then the next major support zone is between 5943 to 6000 levels. A sudden downside move in the Nifty to below 6000 could see it oscillate between these levels for sometime. I have my doubts if Nifty will go below 6000 levels but then you never know. As usual, the market will decide it’s course of action. All we need to do is follow what it does.
Nifty trading levels for the next week are as follows
Buy Above 6183 Tgt 1 – 6227, Tgt 2 – 6283, Tgt 3 – 6327
Sell Below 6183 Tgt 1 – 6128, Tgt 2 – 6084, Tgt 3 – 6028
Note: All levels are for Nifty Spot. Kindly adjust the same for Futures.
Very Important – DO NOT TRADE WITHOUT STOP LOSS. Use sound Money Management with your Trading Plan and do not over leverage vis-a-vis your trading equity.
Have a Profitable Trading week ahead!
To your Boring Success!!!