NIFTY THIS WEEK
This week too nifty traded in a tight range with positive bias. Volume was low comparing to the previous week. This week nifty managed to close above the 5100 levels.
Dow Jones this closed near the Feb. first week close and 100% pullback rally was completed. Volume was same as last week.
NIFTY NEXT WEEK
As FII’s had started buying, we may see mild up move next week. However nifty would not able to surpass and close above 5383, a deep correction cannot not be ruled out. To my understanding any negative news can trigger correction.
First half of the week nifty may trade in a tight range with negative bias and second half, would there is no any negative news we may see an up move. My bias would be positive for next week.
Dow Jones had retraced 100% last week, next week we may see an up move. However below 9900 levels Dow may correct steeply. For next week, my bias would be positive. Technically I expect a mild up side rally next week. Let’s see what happen next week
NIFTY TRADING RANGE
FOR UPMOVE 5100 – 5420
FOR DOWN MOVE 5100 – 4850
NIFTY MONDAY
As there was a divergence between volume and price in the nifty price chart and Dow had a negative closing on Friday, we may see a down trend on Monday. For Monday trade 5140 and 5050 levels would be crucial levels to be watched.
NIFTY TIPS
BUY ABOVE 5140 T1 – 5170, T2 – 5200, T3 – 5225 STOPLOSS – 5125
SELL BELOW 5125 T1- 5100 T2- 5075, T3 – 5050 STOPLOSS – 5140
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