This is an update of NSE Nifty update:
The Nifty reversed higher from the intra-week low of 4,786 last week. It is yet to be determined if the rally over the last three sessions is a pullback in a downtrend that began at 5,399 or another leg of the sideways move since October that can take the index towards a new high once again.
Key resistances for Nifty in the week ahead are 5,123 and 5,164. The short-term view will turn positive only on a close above the second resistance. Failure on part of the index to make any significant headway next week will mean that another sharp down move is in the offing that can drag the index down to 4,698.
The Nifty reversed higher from the intra-week low of 4,786 last week. It is yet to be determined if the rally over the last three sessions is a pullback in a downtrend that began at 5,399 or another leg of the sideways move since October that can take the index towards a new high once again.
Key resistances for Nifty in the week ahead are 5,123 and 5,164. The short-term view will turn positive only on a close above the second resistance. Failure on part of the index to make any significant headway next week will mean that another sharp down move is in the offing that can drag the index down to 4,698.
