|Nifty view for the week Our technical analyst shares the Nifty view for the week through this video
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|Nifty view for the week: 08th May 2012
Last week we had recommended initiating a trade either on the long or the short side only on a confirmation of a move beyond 5310 or below 5135. Though we were inclined more towards the upside break out, the much awaited breakout above 5310 failed to materialize and Nifty instead registered a break down of a key support of 5135, thus activating our alternative view of short selling for a potential downside target of 5080 and below that 5050. With the level of 5080 tested last week, Nifty sharply corrected further down to make a low of 4988 today and staged an impressive recovery.
Now the level of 4980 would assume high significance as a support. If Nifty manages to sustain above 4980 and surpasses the level of 5250 then we may see a swift upside which may test the level of 5450 and beyond that 5600.
In an alternate scenario if Nifty breaches the support of 4880 which is a key medium term support and a trend reversal level then we may see the present sell off continue. However we remain optimistic till Nifty trades above 4880.