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The first half of the week looked very ominous as we saw index sliding below the important psychological level of 10,500. Investors are advised to remain stock specific and square of long positions on rallies.
The Nifty50 closed flat with a positive bias for the week ended May 25 above its crucial resistance level of 10,600. It was indeed a roller coaster rise for Nifty which rebounded nearly 200 points after hitting a low of 10,417 to close the week at 10,605 on Friday.
The Nifty50 is now trading above its 5-DEMA, 50-DEMA and 100-DMA which is a bullish sign; however, bulls will only be able to take control once Nifty closes above its recent top of 10,929 formed on May 15, 2018.
The first half of the week looked very ominous as we saw index sliding below the important psychological level of 10,500. Investors are advised to remain stock specific and square of long positions on rallies.
n our sense, recently there was a massive stock specific destruction seen in the market and in this course of action, so many individual counters entered an extremely oversold territory. Hence, some kind of breather was overdue in these names,
The last couple of days rally was mainly a short covering move in these beaten down counters. It may continue also for a while but we believe that this is just a short-term breather and at higher levels index is likely to face resistance in the zone of 10,650 – 10,720
Chavan further added that for the first half in the forthcoming week, the ideal strategy would be to focus on individual stocks and look to liquidate positions at higher levels. On the lower side, the immediate support is seen in the range of 10,560 – 10,500.
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