Nifty Snap

Last week the Nifty ended with weekly gains of 1.30% at 5439.25. On the derivatives front the Nifty futures prices ended in the positive territory along with decline in the cost of carry and addition of open interest, this is an indication of some shorts being built in it at higher levels. For the coming week Nifty Support is seen in the

range of 5350-5290 mark, if this range is breached decisively than only we may enter a phase of short term correction in which case the next major support for Nifty is seen at 5180 mark whereas on the upside Nifty would continue to face Resistance at its 5500 Mark and a decisive maintenance above this mark will provide further strength to it and in that case the Next Resistance will be faced at 5585.
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