This was week full of ups and downs with Nifty touching levels of 5100 and higher. However the major test would be the stability and the ability of the markets to touch and maintain levels of 5200 and above. As per experts it has been expected that after crossing the 5200 levels the next level that one can expect it to cross is the 5330.
In case the markets fail to touch the expected levels it may slide a few more points further and may retest the levels of 4,800-4,700 by November or so. Talking about the technical levels the key resistance levels for the moment seems to be 5,180 and 5198 levels. Unless we cross 5,200 levels we are not out of the woods.
In a situation where both the resistance gets crossed a long unfilled gap of 5335 levels might be at a closer distance. However with the weak global cues and not much positive news coming in for the markets holding on the crucial 5,200 levels is very vital. This is regarded as one of the key levels and in case the index fails to touch this it may come back and retest the lows of 4,800 or 4,700 again. However, reaching that seems to be a couple of months away in case it is to happen.
Bell the Bull says: With some investor confidence coming in and fresh buying falling a part of Nifty last week one can expect the Index to make a slight move up for sure