Saturday, October 13, 2012

S&P CNX Nifty for the week 15 October 2012 to 19 October 2012.

The Nifty is showing lack of conviction at higher levels, signalling continued consolidation. The critical mark is at 5685 for the next week and the Nifty will remain weak below this levels. If it slips below the support of 5630, then it may find support at 5584. The recent trend of consolidation with bullish bias will change only if it trades below the support of 5584 on closing or continued basis.
On the flip side, if Nifty trades above 5685, then the immediate resistance is at 5708, 5736 and then at 5755. It will be bullish only if it trades above 5755 conclusively.

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