Nifty Trend For Next Week

[aruhi]

Nifty made the strong upside breakout today as we had mentioned in our previous report that nifty could break the upside level of 5300 today. Now nifty is looking to continue its uptrend for while. Closing above 5300 could lead it till 5370 to 5375 range. I recommend that traders should be in long side in nifty future from here for the target of 5370 to 5375 with the stop loss of 5250. The short term support range for the nifty future seems to be at the levels of 5190 to 5200. Closing below this range could slip the nifty future till 5145 to 5150 levels.

[sharetipsinfo]

Going forward Nifty has resistance on the upside. Major resistance lies between 5, 450-5, 550 level. On the downside Nifty has support at 5, 250. After the Gap up opening of Nifty on Friday we expect Nifty to consolidate its position in 5, 250-5, 400 range.
14 day RSI is at 66, near the overbought zone. Some profit booking is expected from these levels.