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Short Covering Rally is Expected in Nifty Next Week

By Bhaveek Patel Leave a Comment

As we saw Nifty trading in tight range throughout the week, we can even call it consolidation, we are now seeing that this consolidation cannot be ruled out to more extend. So a short covering rally is expected targeting 5850 levels.

When we talk about nifty futures we are more likely to bounce back to 5850 levels. Technically nifty is having strong resistance at 5744 level. Support at 5615 and 5563.

Our trading strategy for next week 24 January 2011 : Buy nifty near 5678 level for weekly target 5850 and 5897. Also place stop loss near 5615 support zone.

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  1. Nifty Futures has Strong Support at 4800 zone, Short covering Expected today, F&O Expiry of August Series this week Short covering rally started in nifty futures yesterday and we are sure that this will continue till expiry of August F&O series we are sure that nifty futures will rally till 4996 levels in this...
  2. Nifty Futures Support Resistance Level For 20 January 2011 Nifty future is now in consolidation before any breakout, we are however bearish as long as nifty is trading below 5744 level. Downside risk is now limited and is upto 5615 level. If nifty is...
  3. Nifty Futures June Target Level for Next Week 6 June 2011 Indian markets closed the week on some good recovery, but still this was not strong enough to hold nifty above its resistance level of 5569. So we are again back in the consolidation expecting the...
  4. We Expect Nifty to Give Breakout Next Week to 6070 Level As we saw Nifty trading in tight range throughout the week, we are now seeing that this consolidation cannot be ruled out to more extend. So a positive breakout is expected targeting 6070 levels followed...
  5. Nifty Futures August Series Trading Target Level for Next Week 1 August 2011, Bearish Momentum Expected Last week we have seen a very weak closing in Nifty futures, as a close below 5500 level for 2 days continuously. So we have now markets which has limited upside and huge downside, hence...

Category: Nifty Tags: nifty/ Nifty Analysis/ Nifty Levels

About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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