| Positive weekly close - On w-o-w basis, Nifty closed with gains of 150 odd points, thus managing to close above 20-weekly simple moving average placed at 4997. Since the hourly picture of Nifty is showing signs of weakness, due to its bullish trendline break, a dip is on the cards. Going further if Nifty sees a breach of 4997 in the coming week then the overall picture will again shift into the favor the bears. Any downside dip can be expected to take support near 4997 (i.e. 20-WSMA) or near 4967 (i.e. 50-DEMA). But if these two supports got violated then the slide will deepen and the test of 4800 is also likely. However on upside the clearance of current week's swing high of 5119 will act as a bullish trigger for the market, due to which Nifty has the possibility to go pass the hurdle of 5175.
| Trading Ideas - Remain stock specific from current levels.
- Mid term trading ideas which we like are Escorts (Target Rs160),Punj Lloyd (Target Rs206),Suzlon (Target Rs85) and Jai Corp (Target Rs290). Traders maintain stop loss accordingly.
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