We had a week of consolidation last week with Nifty ending in green for the week. However, towards the end of the week, some tremors of a correction could be felt and Nifty was unable to hold on to its gains at higher levels facing resistance in the 4630-4640 area.
Going forward next week, we may have some profit booking coming up if Nifty does not cross and close above 4640-4650. If it does on the first two days, one may go long with targets of 4720-4770-4810.
The downside seems to be limited and the bulls will fight fiercely to hold levels of 4490-4430-4360. Given the momentum that we are in, a close below 4360 seems unlikely as of now and going long on dips is the only logical thing to do as the market can stage a quick turnaround. In the unlikely even of closing below 4360, we will be headed towards 4200.
We made a low of 4090 in the last phase of correction/ consolidation and that level should hold for this uptrend to continue.
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