Short term upside Nifty target seen at 5160: Emkay
Emkay Global Financial Services is of the view that though the daily charts have given a sell signal, short term upside target on Nifty is seen at 5160 and then 5298.
By ET Bureau |
MUMBAI: Emkay Global Financial Services is of the view that though the daily charts have given a sell signal, short term upside target on Nifty is seen at 5160 and then 5298.
���On the daily chart Stochastic oscillator had given sell signal and Nifty had already retraced 50% of the recent rally from 4904 to 5110, thus now Nifty has support at 4982 which is 61.80% of the above mentioned rally.
However as mentioned earlier that Nifty is continuously forming Higher tops and Higher bottom and still trading above the short term averages, thus we maintain our short term upside targets 5160 and above that 5298, and we believe that any downside correction will be good buying opportunity. Downside in short term level of 4900 will play as an important support,��� the report said.
���On the daily chart Stochastic oscillator had given sell signal and Nifty had already retraced 50% of the recent rally from 4904 to 5110, thus now Nifty has support at 4982 which is 61.80% of the above mentioned rally.
However as mentioned earlier that Nifty is continuously forming Higher tops and Higher bottom and still trading above the short term averages, thus we maintain our short term upside targets 5160 and above that 5298, and we believe that any downside correction will be good buying opportunity. Downside in short term level of 4900 will play as an important support,��� the report said.
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