In this week starting from 24May, we still recommend you all not to create fresh long positions at higher levels, as market will be highly volatile till Nifty fut is trading below 5130 level, and we can see markets sliding down, if the level of 5130 is not crossed on upside. Traders can use the strategy of buy on dips and sell on rise till Nifty fut is in range 4840-5130. This market consolidation and correction will be healthier for markets and will provide a strong base for markets for coming days. For any upside rally, Nifty has to trade and sustain above the level 5130, but in current scenario this is looking as a formidable hurdle for bulls. From the current levels, Nifty future will face major resistance at the levels 5010-5065. For upside this week, Nifty has to sustain above these levels. If Nifty maintins to sustain above the level of 5065, then we can see upside till 5095-5128-5172 levels. On the contrary if Nifty slides down below 4930 level, then we can see downside till 4870-4842-4805 and if any how bears are able to get past below the levels of 4800 for consecutive days then more lower levels can be seen. However in curent scenario it seems that bulls are giving tough fight to bears and traders must use every dip to buy till Nifty fut is trading above 4840 levels ad must use evry rise till 5010-5065 to book profits in longs. Bears will tighten their grip if they are able to hold the markets below 5010-5130 level.
Concluding the whole market view, we can say that major triggers for the Nifty fut for this week are 4930-4800 on lower side and 5065-5130 on upper side, breaking on eitherside will lead momentum in Nifty in that direction. All traders must stay cautious in tange 5010-5065 on upside. Any major movement in markets will come only after, breaking the range of 4800-5130 on consecutive closing basis. 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 - 5010-5065-5095-5128-5172
- Support - 4930-4870-4842-4805-4755
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