Nift may test 5200: Hardik Jain

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Technical Analyst, Hardik Jain:

Equity:
We maintain our last week's view. Nifty looks strong on daily and weekly charts. Momentum indicators are very strong. Nifty respected it crucial support of 4930, it tested this support and bounced back sharply from that level. Unless Nifty trades below 4900, one shall trade on LONG SIDE in Nifty. We may see 5200 in this week.

Gold:
Gold is in a positive trend. Gold looks extremely overbought. Avoid Buying at these levels Gold may test 16500 in short term.

Crude:
We maintain our last week's view. Momentum indicators are negative. Crude has strong support between 74 to 71 Dollars. We feel that anyone Long on crude shall keep 71 Dollars as a Strict Stop Loss.

Currency:
We maintain our last week's view. USD-INR looks negative on charts. We feel that on lower side 45.60 is a very strong support. Below this 44.40 is its 200 week moving average and may act as a final support for USD-INR in short term. We feel that importers may start buying dollars against their exposure in phased manner. However, if we see USD-INR trading below 44.40 then we may see a sharp fall further.