Nifty may test 4450: Hardik Jain

ALSO READ See what other experts are saying about markets See what FIIs are saying about the markets See what Udayan Mukherjee is saying about the markets Nifty BSE | NSE 13/02/12 Are Mutual Funds betting on Nifty?

Technical Analyst, Hardik Jain:

Equity:

We maintain last week's view that Fresh Longs shall be initiated once Nifty crosses 4450. Momentum indicators turned positive last week on daily charts and Nifty shall test 4450 in this week. One can start Buying once Nifty breaks its 20 Day Mov Avg which is at 4450. Above 4450 we may see a sharp rise Pre Budget. On the downside there is a strong support at 4270 on weekly charts. In case Nifty breaks this support then one shall reduce Long Exposure.

Commodity:

We mentioned last week that Gold has major resistance at 14700. However, Gold managed to cross this barrier towards the end of last week. Momentum indicators turned positive on daily charts after a long time. One can go Long in Gold with SL of 14600.

Currency:

Dollar touched a high of 48.53 last week and corrected thereafter. Momentum indicators turned negative for Dollar. It can come down to 47.60 where it has some support from its 20 Day Moving Average. One can go short Dollar with SL of 48.80.