Nifty Futures forecast weekly 31 Oct 2011

Nifty Futures forecast weekly 31 Oct 2011 : The Nifty too surged past the 5,170 barrier to achieve our short-term targets at 5,230 or 5,350. But as we have been reiterating over the past few weeks, 5,350 is critical from a medium-term perspective and this trend will turn positive only if the index gets emphatically past this level.

If the index manages to continue surging next week, then it can go on to 5,536, 5,633 or 5,735 in the medium term. The area around 5,700 is however a very strong long-term resistance and the index is likely to find it difficult to get past this hurdle.

On the other hand, if the index reverses lower and fails to move past 5,400 in the upcoming sessions, it will mean an impending decline to 5,198, 5,143 or 4,985. Traders can continue to buy in declines as long as the index trades above 5,143. The short-term view will turn negative only on a close below 4,985.

In the week ahead, Nifty could pause and retract to 5,268, 5,228 or 5,185. Traders can hold their long positions as long as the index trades above the first support. Target on a break above 5,400 is 5,536. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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