nifty will cross 5150

Nifty will cross 5150

Intermediate term trend was down and it turned up after Nifty sustaining above 4951 in Post-Budget rally. Now all trends are up and Indian markets consolidated within narrow range moves during last 2 sessions. EOD and intraday charts of most of the pivotals are clearly indicating buying patterns therefore Indian markets are now well prepared for that upmoves and will be seen in next week. Nifty will cross 5150 in the coming sessions.

Nifty future outlook

Future outlook:- Indian markets consolidated last 2 days between 5050-5119. Last 2 days good support range is 5050-5080 and resistance range is 5104-5119. Indian markets will consolidate within last 2 day's range and expected that will break out 5119 as well as cross 5150 in the coming sessions.

Technical view on nifty

Nifty (5,088.7)----07 03 2010--------sunday

The Nifty moved contrary to our expectation last week and rallied to the intra-week peak of Rs 5,118.6. Despite the strong 166-point weekly gain, this index has lost its way slightly in the last couple of sessions. The short-term trend however continues to be up and traders can hold their long positions with stop at 4,990.

Since the 50-day moving average is also positioned at 5,000, the band between 4,980 and 5,000 will be an important support zone for the near-term. If this support holds, the index can rally to 5,247 or 5,310 in the days ahead.

Subsequent support is at 4,845. Traders should avoid fresh long positions on a decline below this level.

The medium-term trend in this index will turn neutral on a strong close above 5,067 and will imply an impending rally towards a new yearly high. However, the index continues to have strong intermediate term resistance around 5,300 and a sideways move between 4,500 and 5,300 is likely for few more months.