Mktviews Weekly Nifty Analysis (19/03/2012 - 23/03/2012)

Indian Markets closed negative for 4th consequetive week on a/c of sustained selling pressure due to Pragmatic/Non-Reformist budget, Gloomy advance tax numbers, unchanged key interest rates by RBI against expectation of Repo-Reverse repo cut & Good but volatile IIP data. Markets shed 0.5% for the week. 

Last week's Crucial Resistance Zone of 5515-5535 proved too stiff for bulls as Nifty cracked after making a high of 5542. 

But, Going Forward, there are 2 possibilities.

Possibility 1 (If support 5303 holds) : 

If support 5303-5310 holds, Nifty Future would demonstrate a pullback upto 5465-5484 area.
Critical resistance Lies @ 5484-5503 area, crossing & sustaining abv which further upmove upto 5635/5730could be witnessed.
Below 5303, Nifty Future would fall upto 5195-5210 levels. 

Possibility 2 (If support 5303 breaks) : 

If Nifty Futures break 5303 in the beginning of the week, it would retest the crucial support zone 5184-5203 zone. Ideally 5184-5203 zone should hold & once its held, Nifty Future from there should demonstrate a minimum pullback upto 5465-5484 area. 
But If 5184 is broken with volumes, panic selling upto 5056 & 4935 will be on the cards. 

 

 

Regards,
Team Market View Investments. 
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