Dear All,
Please find attached herewith the Nifty charts. We believe that the coming week could be very decisive for the Nifty and a weekly close in the red(negative) means that we resume our downward trend. A close below 5550/30 could very well mean that we test the 5450 levels soon.
We advise investors to hedge their long positions for the coming week where we see a potential downside. Resistance level for the Nifty is set at 5650/60 and the support levels are placed at 5560/5535. A close below the support levels takes us to 5450.
According to us 5500 – 5570 is a strong support zone but the international crisis could take us down.
Thanks,
Dewang K Mehta
DENIP Consultants
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