Last sunday we posted our Nifty view for the week 12 May-16 May, I wrote : "Nifty if settles around 4900-4950 levels and bounces back then we may see a fresh part of relief rally. Major Resistance for upmove are 5080 & 5200."
Result: Nifty made low of 4923 & 4934 on 12th May & 14th May respectively & bounced back to 5150+. Hence maintaining the support levels of 4900 on downside & 5200 level is left unbroken on the upside.
Nifty for following week:
View remains the same as scenario has not changed much. 4900 still a strong zone to be maintained. Now we have two problems to deal: High Crude Prices & High Inflation. So we keep a Cautious note this week. Though technically if no "problem" arises then we may test 5300 levels again, but still we will maintain a cautious note for this coming week .
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