RSI (14 Days): 49.01
Support: 4776, 4707
Resistance: 4922, 4998
Nifty is in down trend (from 5th Feb.) with targets of 4740**, 4600, 4460.
The down trend will ‘terminate’ above 4951.
Nifty is in uptrend (from 11th Feb.) with targets of 4880**, 4900**, 4960.
The uptrend will ‘terminate’ below 4748.
Resistance: In the week ahead, 4905 would be huge resistance level for nifty. Only if nifty trades above 4945 with volumes, it can move to higher targets of 4980, 5015 and 5050.
Support: 4805 would be huge support area for nifty next week. If it breaks and trades below 4790 with volumes, nifty will move to 4755, 4717 and 4680 in the week ahead.
Most Active February Nifty Put Options: 4800 and 4900.
For 2nd consecutive closing on a weekly basis NIFTY managed to have a green tick on the charts. The close this week 4845 is marginally higher than last week's 4827 amid all the action internationally.
I am of the view that till we manage to keep above 4750 on a weekly closing basis there is nothing much to worry about on intraday or daily moves. Markets can be consolidating for some time and could breakout anytime on an upside with budget round the corner.
It’s high time we rest some confidence on our markets just like the FII's & QIB's are keeping with the growth trajectory INDIA is into.
One should not worry much on daily basis to wind up positions. Rather we should look for pockets of opportunities to multiply wealth with a disciplined approach.
After all, INDIA has its own GDP not so dependent on others to boast of.
Wish you ALL THE BEST for an exciting new week ahead.
Thanks and Regards
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