Nifty view for the week 5-9January

Nifty future as analysed by us in the weekly view of 29Decmber-2January, did not break our support level of 2810, it touched a low of 2813, and then reverted back to see upside resistance levels given by us. In the earlier week nifty view we told you all that nifty can spurt abv 2980 and the same happened,and nifty saw a high of 3092. Now in this week, on monday, nifty is having strong global cues and stimulus package announcement by government, so we will see a strong positive show on nifty future on monday, this positive upside will face resistance at the levels 3115-3156.
If nifty manages to close above the level of 3148,then we can see the upside rally going for few more days,and till the levels of 3225+. However if nifty goes in the hands of sellers and closes below 3065 mark,then we can see more downside on nifty till 2980-2910 levels. On monday one can see nifty in the range 3065-3148,breakout on eitherside can lead to sharp movement on nifty on monday.
For this week,we would like to say that every rise abv 3115 level,will be an opportunity to book all long positions,or keep holding with strict stoploss of 3065 level on nifty on closing basis. As the volumes on nifty is not much,and we can see trend reversal from high levels of 3115-3148. For this week Nifty range is 2980-3156, breakout on either side will lead to sharp movement.

Nifty levels-
Resistance- 3080-3115-3148-3195-3225
Support- 3020-2980-2965-2910-2875

Stocks for the week-

• IDFC
• IVRCL Infra
• Bajaj Hindustan
• FSL
• HDFC
• Triveni engg.
• DCHL

Note- Once the stock starts trading above your buying price, keep buying price as stoploss and thenafter keep trailing with stoploss for further targets!! This strategy will always yield profits for you.

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