Last week Nifty traded in 480 Points range , but unable to close above crucial resistance 9390 , if Nifty Closing above 9390, it can test 9580 – 9640 , even higher too . If closing below 8940 is the first sign of weakness, it can test 8740 – 8660, Closing below 8620 indicates the end of the relief rally…
Gold Price Analysis : - On weekly closing basis, if GOLD closes above $ 1735 / Oz ( Rs ~ Rs 4720 per gram ), then in medium term Gold can test $ ( 1920 – 2270 / Oz ) , In Indian Price ( Rs 5200 - 6100 per gram ) , Considering 1 $ = Rs 77 ( As of now as per RBI 1 $ = Rs 76.3 )
Once Closing above 485 , Stock can test 530 levels , so need to watch 485 level on closing basis , Once 485 triggered use 452 as it Stop loss for this trade..
Closing above 9334 indicates further rally upto 9890 , Closing below 9130 - Entered into Distribution phase , If any case , the nifty closing below 8630, indicates the end of relief rally ..
NIFTY is trading in Slow mode and range bound between 11920 - 11700 before making big move it needs to close said range on daily basis , If nifty still unable to closing above 11920 then it could test 11625 - 11430 in coming days ..
