Nifty Outlook for 16th Feb 2012
On 10th Feb 2012,we mentioned in our Nifty outlook - " Bulls will have firm grip on market as long as level of 5378 is not breached on closing basis,weekly closing above 5378 will give further impetus to this ongoing liquidity driven rally.Should nifty stay above 5378,the ongoing rally can extend upto 5518 ( 4531+ 987) "
Nifty target of 5518 achieved in three trading sessions(refer trend check table). Monthly Trading levels(refer Nifty trading levels table)indicated jump of 177 points from 5337 level.The current ongoing rally has factored in positives of upcoming Budget & a favorable verdict for Ruling party in the state elections.Disappointment on this front (budget/election)will trigger correction,of course there is also developing geopolitical tension ( West-Iran standoff) & jitter over Greek issue(EU debt).
Today's key support level (5491) Key resistance level(5542).Intraday correction may happen if Nifty breaks 5491 on hourly chart,flip side of this move would be Nifty sustaining above 5542 level.
On 10th Feb 2012,we mentioned in our Nifty outlook - " Bulls will have firm grip on market as long as level of 5378 is not breached on closing basis,weekly closing above 5378 will give further impetus to this ongoing liquidity driven rally.Should nifty stay above 5378,the ongoing rally can extend upto 5518 ( 4531+ 987) "
Nifty target of 5518 achieved in three trading sessions(refer trend check table). Monthly Trading levels(refer Nifty trading levels table)indicated jump of 177 points from 5337 level.The current ongoing rally has factored in positives of upcoming Budget & a favorable verdict for Ruling party in the state elections.Disappointment on this front (budget/election)will trigger correction,of course there is also developing geopolitical tension ( West-Iran standoff) & jitter over Greek issue(EU debt).
Today's key support level (5491) Key resistance level(5542).Intraday correction may happen if Nifty breaks 5491 on hourly chart,flip side of this move would be Nifty sustaining above 5542 level.
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