NIFTY OUTLOOK

NIFTY OUTLOOK

LAST HOUR UPMOVE IN EUROPE AND DOW FUTURE LIFT NIFTY TO 5400

SLOW DOWN IN IIP,EARNINGS & GROWTH ARE SEEN.

HIKE IN INFLATION & INTEREST RATES ARE ALSO IN CARDS.

ADVANCE DECLINE RATIO THOUGH POSITIVE NOT CONVINCING

THESE R NEWS RESISTANCE FOR NIFTY

BULLS HAVE TO BE CAUTION & BEARS HAVE TO BE PATIENT.

LAST HIGH@5406 LOW@5357

EXPECTED RANGE 5333-5444

It should be noted that though 5400 may be crossed sustainability is important

This looks unlikely given the poor breadth.

Tomorrow, long position should be taken with stop loss of 5370

On higher side, it will find resistance at 5440 - 5470.

It will be prudent not to remain short, once Niifty Future remains above 5420. (spot)

Short position should be taken only below 5365,with stop loss of 5400.

On down side, it will find support at 5325

Nifty may move to top of 5464 if it crosses 5420

Nifty PE Ratio is at 22.63 and it can go up 23 ie. 5489.

Above that, As experts say BUBBLE.

BE CAUTIONS

On redrawing the trendlines, the upper trendline offers resistance at 5489 which coincides with

the 161.8% fibo level of latest fall till 5210 from 5367, which is at 5463.

Weekly resistance is at 5495 ,

range break target is 5525,

as well as inverted head and shoulders target is 5513