In Yesterday's Nifty View, the resistance given for upside was 5750-5760. Nifty made exact high at 5747. On the downside, Support given was 5690, below which 5660-5635 were the targets. nifty made exact low of 5662 below 5690 Spot. The levels worked again.
Nifty could not capitalize on gains made yesterday and closed down again below 5700 today. This is definitely not a good sign for the Bulls. However, it did maintain its support of 5660-5635, which will keep giving hope to the Bulls. Below 5635, another 100 points can come quickly on the downside. On the other hand, today's high of 5745-5750 becomes important now. Since Nifty closed in red, this is the Swing High for now. If Nifty manages to trade above this, it will again become Bullish in short term with targets of 5830-5880 and above.
For tomorrow, Intraday traders watch the level of 5730-5735 on the upside. Above this, Nifty will again try to conquer its resistance zone of 5750-5760. Trading above 5760 for sometime can lead to panic short covering from the Bears right till 5830 and above. On the downside, wath the level of 5660. Below this, Nifty will revisit 5635-5610 levels. Staying below 5635 would open up lower targets of 5550 and below.
20 Jan: Nifty Spot resistance at 5730-5750-5790-5830. Support at 5660-5635-5610-5555 - www.niftypower.com
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