Nifty - eying 5600?

* Nifty hits the floor of the rising channel and reacted sharply. But I think nifty needs to consolidate a bit.

* Nifty can test 4875 in panic. One can go long at this level, with stop loss below 4850.

 * With some positive surprises Nifty can go up to 5167.05. Above 5180, Nifty can leap up to 5267.55.  

NIFTY - weekly out look.

*Weekly Pivot is 4959.55. Opening on Monday can be around this level.


*Ahead of this nifty can feel resistance near 4970 level.


*I do not expect nifty to shoot up immediately in this week. It may consolidate in the range of 4810 to 5160 in this week.


*It is an expiry week, so beware of volatility.

NIFTY - Weekly outlook.

* Last week's weekly pivot was 5093.78, and weekly closing was 5093.50.

* This week's weekly pivot is 5119.07.

* There can be some ferocious bounce once again any time in this week. It may be just for intraday or may last for couple of days.

* Intra week support can be around 5040 levels. Below this there are chances that nifty can test 4915.

* One can go long above 5127.00, nifty can face resistance at 5167.18 and 5240.87.

* Any convincing move above 5240.87 can bring in short covering. This can be the stop loss for positional shorts.

NIFTY - Weekly outlook.

* Weekly pivot is 5093.78. No longs below this level. Above this, nifty can go up to 5200 + level.

*On daily charts, RSI 5 period is 5.34 and RSI 2 period is 1.30, but it is below 100 day moving average. There can be a bounce from 4937.17 level which can ferociously go up to 5070+ level.

* Any long trade from 4937 levels can keep the stop loss below 4900. Because there are chances that nifty can shed 100 points below this level. Book profit near 5045 levels and again enter longs only if crosses 5093.78 convincingly with strict stop loss of 5070.00.

Nifty near the resistance !

MONTHLY OUTLOOK.

* Monthly pivot is 5279.52. In short there can be weakness below 5280.

* There are mixed signals. Market traded in a very short range in the month of April. Earning season is almost done with. Unless nifty crosses above the resistance line with good volume, no good strength is expected.

* There can be a panic up to 4922.15 below 5159.38. In between there can be a support at 5040.77.

WEEKLY OUTLOOK.

* Weekly pivot is 5274.27.

*Weekly resistance can be 5346.08 and support can be 5206.18.