NIFTY NEXT WEEK [12/04/10- 16/04/10]
For past nine weeks, nifty had elevated from one level to another level consistently. Previous week nifty marked a new year high coupled with an upside breakout. To my knowledge, two important news falls on next week. One is monetary policy and another is infosys quarterly results. This news and more would lead the market next week. As nifty had an upside breakout, FII’s had been buying continuously and would there be no negative news, then we may see nifty marking new highs.
Technically in the price chart a bullish pattern had formed and stays above 20 and 50 EMA. The crucial levels to be watched for next week trades are 5355, 5383 for up move and 5301, 5288 for down move. To my knowledge, next week, 5383 would be the significant level for nifty’s direction. Lets see what happens next week.
NIFTY TRADING RANGE
For up move 5300 – 5620
For down move 5300 – 5180
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