Nifty started the past week with a big bang move with a range (high – Low) of 100 points. That would have allayed all the fears of Nifty going below 6100 and possibly below 6000. Whats more, Nifty opened above the levels given in my Weekly Analysis and touched a high of 6347 way above the 3rd target.
6350 in my mind is a crucial level. Nifty has to close and stay above this level if we are to see new highs. The big bang start of last could have prompted people to believe that Nifty could get 3rd time lucky. Sadly that was not to be. The Bears wrested control and had Nifty close at the 6260 level by Friday.
6126 – 6152 would continue to be a support zone for the Nifty as I have maintained in my previous posts. Any close below this and levels of 6000 odd cannot be ruled out. It does not take a great deal of common sense to note that Nifty is not able to breach highs. The Bears ram home with full power at these levels. Suffice to say the above 2 levels can offer neat trades for the observant Swing Trader.
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 6266 Tgt 1 – 6342, Tgt 2 – 6423, Tgt 3 – 6500
Sell Below 6266 Tgt 1 – 6185, Tgt 2 – 6110, 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!!!