|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:29th May 2012
We had recommended avoiding any fresh long positions till the Nifty traded below the level of 4960 and had also advocated a stop loss of 4800 for existing long positions. Though Nifty remained highly range bound throughout the past week, it managed to register a breakout above 4960 on the first trading day of this week and ended at 4985. With the required break out above 4960 in place, Nifty may now rally to higher levels of around 5050 to 5100 in the next few sessions.
We recommend a buy at present levels and on any decline with a stop loss of 4830 for an upside till 5050 to 5100 in next few days. The level of 4800 continues to remain a formidable support. Only a move below 4800 would negate the bullish stance.