Nifty is almost on our target of 5150 today at close! Please refer my earlier post on this wherein it was suggested that Nifty was charting to 5150 levels.
Nifty faces resistance at 5180, where some bit of minor profit taking can be expected. If crossed with volumes, it can lead to further bullishness whereby an easy target of 5250 will be in sight. Mutual Funds will try to keep the market buoyant till end March, to have a widow dressing of their NAV’s. Hence this possibility is better now.
If Nifty turns weak tomorrow by any chance, and goes below 5100 to 5090, then it will indicate further weakness. In such a scenario, it will revisit sub 5000 levels of 4950. But as it is, this possibility is lower than the first one.
So play long till the bearish signs are in sight !
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