iCharts Discussions

[shashangan]

Res - 4877-79, *4912-16*, 4970, 4992, 5000, 5019-25, 5048, *5071*-83 (strong barrier)

Support *4803-4798*, 4769, *4758*, 4745, 4720-18, 4708, 4667, *4628-20*

Near term trend

The mkt tried a run up just near the 4913 important resistance on friday, but saw some selling from 4708 (spot basis) possibly due to the bad inflation figures.

Nifty spot just closed below the next level 4878 which now will be the immediate resistance. I still recommend scale down buying from 4835-33 levels spot. If you get around (spot basis) 4803-*4798* on the lower side, it should prove to be a excellent buy. If i am not wrong, the mkt can hold max this level & bounce back to my target 4970, where you can watch & start to book your longs.

Risk- Keep a dip to 4769 open. On the lower side the mkt may not go below 4758 (unlikely) according to me. Anyway If mkt dips below 4745 spot basis then it will slow down the bullishness.

Note: These views can change on any news or on the negative Asian mkt sentiments. So kindly keep track of other factors or check with me if you enter on my calls, so that i can help & guide you with whatever knowledge i have. All levels mentioned are based on spot Nifty.

Only if you are ready to risk take entry on my view, if you not confident you can try mini or stay out.

regards,
Gautham Shashangan