Nifty Trading Strategies for Tomorrow

Nifty today closed below the 14 Day simple moving average of 5,033.69 and is having a psychological support at 5,000 below it can fall towards 4,982 and 4,967 while the resistance is there at 5,068 and 5,094-5,113 levels.

The Nifty remained largely subdued today and did not violate any significant support or resistance levels. As there is a lack of discernible trend, it is better to be cautious in the short term. The technical indicators are also in the neutral territory supporting a `status quo` view. In the medium term however, we remain skewed towards weakness, which is also aided by the weak technical indicators. A test of earlier lows closer to 4,700-4,800 or lower cannot be ruled out in the event of a breakdown. Any attempt of advances by the buyers could face hurdle at around 5,200-5,250 zone.