The Nifty Index had a 'Bullish' week with a low of 6038.30 and a high of 6160.35 and closing near the highs at 6155.45.
In our last post, we had mentioned the 'Bullish Harami' on 14th Feb might stall the down move and advised booking part of Shorts and / or tightening Stop on the Shorts. The down move not only stalled but we had a small reversal of sorts. Having said that, the prediction of the next move is very tough.
If the Bullish momentum of the last week is sustained the Nifty has 6265 and 6355 as targets. But Nifty is running into resistances at 6158 - 6161, 6189-6195 and 6200. If the slow reversal since the low of 5933.30 (4th Feb) till 6160.35 can be considered as retracement of the down move from 6355 (and 6415 too) and if the Index reverses below from here it can decline to 6050, 5950 - 5933.
In our last post, we had mentioned the 'Bullish Harami' on 14th Feb might stall the down move and advised booking part of Shorts and / or tightening Stop on the Shorts. The down move not only stalled but we had a small reversal of sorts. Having said that, the prediction of the next move is very tough.
If the Bullish momentum of the last week is sustained the Nifty has 6265 and 6355 as targets. But Nifty is running into resistances at 6158 - 6161, 6189-6195 and 6200. If the slow reversal since the low of 5933.30 (4th Feb) till 6160.35 can be considered as retracement of the down move from 6355 (and 6415 too) and if the Index reverses below from here it can decline to 6050, 5950 - 5933.
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