Markets have staged a fantastic upmove of 500 pts (5200 to 5700) in a fortnight backed by Strong Global cues, falling crude prices & huge short-covering.
Avoid initiating fresh longs at this level as Nifty could once again consolidate & trade rangebound between 5506-5745 with a Negative bias.
Action would shift to mid-caps & small-caps now with most large-caps looking exhausted & technical oscillators reaching over-bought zone.
Progress of Monsoon & Upcoming Q1 results would be key triggeres for the Markets now.
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Avoid initiating fresh longs at this level as Nifty could once again consolidate & trade rangebound between 5506-5745 with a Negative bias.
Action would shift to mid-caps & small-caps now with most large-caps looking exhausted & technical oscillators reaching over-bought zone.
Progress of Monsoon & Upcoming Q1 results would be key triggeres for the Markets now.
Going Forward,
Nifty Fut will face stiff resistance @ 5726-5745 levels crossing & sustaining abv which further Momentum would lead to 5850 & 5934.
But, If fails to cross & sustain abv 5745, Will be in a trading range 5506-5745.
Strong support lies @ 5509-5515.
If breaks & closes below 5506, it may touch 5395 & 5284.
Nifty Fut will face stiff resistance @ 5726-5745 levels crossing & sustaining abv which further Momentum would lead to 5850 & 5934.
But, If fails to cross & sustain abv 5745, Will be in a trading range 5506-5745.
Strong support lies @ 5509-5515.
If breaks & closes below 5506, it may touch 5395 & 5284.
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