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:06th June 2012|
Last week we had recommended a buy on a break out above 4960 for an upside target of 5050 and beyond that 5100. The level of 4830 was recommended as a stop loss for long positions. The upside did materialize, however fell short of the ideal target range of 5050 to 5100 and Nifty made a high of 5020 and reversed. It eventually also gave a break down below 4830 and made a new swing low at 4770. However, we saw an immediate recovery thereafter and it is now quoting at 4863. In the immediate term the level of 4960 continues to serve as a stiff resistance. As long as Nifty is unable to surpass that level it continues to remain susceptible to further downside and we do not recommend any bottom fishing at present levels. On the downside the level of 4780 is an important support. If Nifty is unable to clear 4960 and breaches the level of 4780 then we may see further downside till 4700. Only in case of a break out above 4960 we may expect further upside till 5100.