Nifty 4171.45
In the short term, further up move towards a new high is possible only if it trades above 4260. Until then, the short term trend would remain weak and in the downside it has potential of testing 4100 and below this level it could test 3900.
In the extreme short term, if it trades below 4145, it could test 4050.
Today, if Nifty fails to sustain above 4145, then it is likely to test 4090. Instead if it trades above 4190, then it is likely to test 4220.
Medium term outlook of Nifty – dated 21st May
Nifty is likely to make a significant top around 4400 level. Further upside is possible only if Nifty sustains above this level.
Trading Strategy
Be short below 4145.
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