For the week starting from 17May, Nity fut will face resistance at 5128 levels, once Nifty fut crosses and sustains above this level, we can see bulls once again gearing up to move forward and take markets to higher levels of 5172-5225-5280.In this upmove one must once again be careful at higher levels, as if the range around 5225-5280 will be a resistane zone and will try to hault down the bulls. As w have said in earlier week also, we are reiterating that in order to move for a upside rally in coming days, bulls must have to retain the gains above 5225 levels. However for this week if bulls fail to cross & susain above the resistance level of 5128, we can see bears taking charge over the bulls and drag down the markets. On lower side Nifty fut have support at 5020 level, if this level is breached & sustained then bears will make all possible efforts to take markets to 4960-4914-4870 levels. If bears are able to close the markets consecutively below 4960 level, then everyone must get ready for some sharp downside action in the markets. The week will witness some action packed fight between bulls & bears to take the charge for complete upcoming month. Taking the broader view for markets for coming month the major triggering levels will be 4800-5228, breaching these levels on consecutive closing basis will change the market sentiments for a longer period.
We recommend all traders/investors to keep watch on range 4800-4960 for all their short positions, as this range can act as trend reversal range, if not crossed and sustain below lower limit of range, then reverting back from these levels and breaking 5128 can show upside movement, so all positions must be properly hedged. Investors can buy in parts on every dip in given reversal range for fast profit. We might see some major movements in markets in coming days. So all traders must stay cautious and must not leverage positions without proper knowledge of market drections. One must not jump and do the trades in excitement in current markets, as aggressive trading in current market can lead to unexpected profit/loss. Watchout the markets cautiously and trade with strict discipline and stoploss. Dont try to speculate or time the markets. Simply trade on levels and mint money from both up-down movements of markets.
Nifty Levels
Resistance - 5128-5172-5225-5280
Support - 5020-4960-4914-4870
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Stocks for the week
- Patel Engineering
- Paushak Ltd.
- Liberty Phosphate
- Aditya Birla Money
- Alok Ind.
- Omnitech Infosolutions
- Ranbaxy
- Power Finance Corporation
For all trades, keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.
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