Nifty is likely Correct towards 5000, if it fails to move above 5180

It was earlier mentioned in our post dated 3rd March that Nifty could test 5180 in coming trading sessions. Now, we are close to our short term upside target of 5180. If Nifty fails to sustain above 5180, then it is likely to see a correction from these levels to 5000 levels.

Positional traders can book profit and initiate shorts if it fails to move above 5180.

Nifty - Technical Outlook and Intraday Trading Levels, 8 March

Today, 5065 is the crucial intraday level for Nifty.

If Nifty sustains below 5065, then it could test 5030 and below that level it could test 5000.

Instead, if Nifty trades above 5065, then it could test 5100 and above that level it coud test 5150.

Short term Technical View of Nifty

For the short term, the level 5000 is crucial. If it sustains below this level, then it is likely to test 4750. Instead, if it trades above 5000, then it is likely to test 5180.