The past week saw Nifty scaling new highs with a lot of experts terming it as a Pre Election rally. The market is closely watching the political developments and every pre election poll shows the NDA getting closer to the magic figure of 272. That is certainly boosting sentiments. The IT and Pharma space is seeing some profit booking happen. Imagine where the Nifty can go to if they too join the party.
The thrust on last Friday has come on good volumes backed by FII buying which is the key point here. Nifty has convincingly cleared a major roadblock at 6355 which it had failed to do so the last 4 times. 5th time lucky I guess. Move towards 6589 and beyond cannot be ruled out. On the lower end 6355 will provide good support level. If it holds and bounces up we can see higher levels in Nifty.
The Daily and Weekly charts are looking very Bullish for Nifty.
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 this week are as follows
Buy Above 6426 Tgt 1 – 6640, Tgt 2 – 6750, Tgt 3 – 6965
Sell Below 6426 Tgt 1 – 6313, Tgt 2 – 6100, Tgt 3 – 5990
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!!!