Nifty may trade in 5,400-5,100 range during the week: Arihant
Published on Monday, January 11th, 2010 at 5:09 PMAuthor: stockalert (2026 Articles)
Nifty facing resistance at 5,285-5,315 level above 5,315 it may go up to 5,350 – 5,440 level,“ says Arihant Capital Markets.
Support comes for markets at 5,200 levels for Nifty; below this level Nifty next support at 5,140-5,040 below this level 5,000 will be the major support level for market.
In the previous week Nifty was facing immediate resistance at 5,180.This week Nifty has closed above this level and made a high of 5,310 level, which shows bullishness in the market for the coming weeks. Nifty has also formed a consolidation pattern on weekly chart. In the coming week Nifty to sustain above 5,200 on closing basis will be important one.
If Nifty holds above 5,200 on weekly chart than upward rally will continue till 5,350-5,400.
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