Nifty last week broke the 5,600 level by making the high of 5,605, but it failed to sustain above 5,600 level, as a result towards end it came down and gave close at 5,516. But as per the bullish hammer candlestick pattern it has formed last to last week, this closing of 5,516 was positive and confirms the hammer pattern. Hence we can now expect Nifty to break and move above 5,600 level. But it’s difficult to tell when it will break this level, because 5,600 is strong resistance and Nifty may move sideways at present levels before it breaks this level and moves further up. Downside Nifty will get support at around 5,450, breaking this level Nifty will come down to its recent low of 5,328. Unless Nifty doesn’t break and sustain below 5,450, it remains buy on dips.
FOR V.S.S. SECURITIES
ADITYA SINGH
+919821521234
http://www.vss-securities.com/
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