Nifty Weekly Analysis for WS 10th Feb

The Nifty pretty much Mirrored the US markets moves this past week. Nifty has formed a long legged Doji on the weekly charts which basically signals indecision among the Bulls and the Bears. And quite rightly so too. I think a lot would depend on how the US market plays out the QE tapering story and the possible effects of the taper. The Fed is down to a $65 billion buying program now.

It won’t be wrong to say that the Bears are waiting for a decent pull back to get back into action. 5940 – 5950 is a level to watch out for as I mentioned in my last post. The last week saw buying strength emerge at these levels. Bulls look to be holding this level for the time being at least. I for one have not traded Nifty at all the past week. I would like to get some strong upside or downside to get in the move. As usual I am waiting on the sidelines with loads of patience and discipline.

On the upside a close above 6200 would give the Bulls enough momentum to strike 6300+. I would imagine some strong global cues are needed for that to happen.

Nifty Weekly WS 10th Feb

Nifty trading levels for the next week are as follows

Buy Above 6025 Tgt 1 – 6118, Tgt 2 – 6172, Tgt 3 – 6264

Sell Below 6025 Tgt 1 – 5970, Tgt 2 – 5880, Tgt 3 – 5825

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!!!

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