Decisive week ahead…
Even though market dropped as expected, it took a support from 4786. Now the question is whether market has turned bullish or not. I would say it is better to keep a neutral view and watch the move next week.
The nearest resistance I expect is 5160-80. The reason being it has supported / resisted at points A to E. Due to the same reason, I do not, at the moment, think that it will not breach 5212 convincingly.
But, if NIFTY breach 5212, then there is every chance that NIFTY will go to 5660. If it does not, then we might see NIFTY dropping to 4620.
Hence, the critical level is to be watched is 5212.
Few of the potential Bullish candidates are: Dewan Housing, Aarti Drugs, Natco Farma, DCM limited and Vivimed labs.
Disclaimer: The views expressed herein are to be used with your own discretion and neither analyst nor the publisher will be responsible for the outcome.
