Nifty too moved sideways with a positive bias last week before closing 194 points higher. The index is nearing the key resistance zone around 4,700.
A downward reversal from here can drag Nifty down to 3,900 again as the index moves between 3,900 and 4,700 for a few more months. Sharp rally above 4,700 will take Nifty to the next intermediate target at 4,900. Conversely, the medium-term view will turn negative on a close below 3,900.
For the week ahead, Nifty will find support at 4,327 and 4,170. Halt above the first support will be the apt place for initiating fresh long positions by traders.
However, longs are not recommended on a close below 4,170. Upper targets for the week are 4,606, 4,705 and 4,746. FII are buyers and DII are sellers
LEVEL FOR THE DAY
TECHNICAL OUTLOOK :
Imp Support 4550, Imp Resistance 4590,
Likely Trading Range 44530-4610,
Trade on long Above 4535 and Vice versa
Note :- Please don’t use this levels when gap up or gap down. Also either side band is breached shall show breakout in either direction, and close above / below the intra band shall continue with the same trend for next day and can continue for for BTST OR STBT.
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