Nifty Outlook 10th May

Pivot 5017
Support 5001-4974-4941
Resistance 5061-5089-5111

Nifty formed hammer doji, a shadow of hammer doji, which was formed on cloasing of Thursday.

This is often a sign of trend reversal which is currently downtrend. Hence we can have some hope that Nifty's fall may be over soon.

But the problem with such doji is that its not always a confirmed signal. Its valid is proved only by the next day closing. So Monday's closing will prove how Nifty will behave in the coming days.

Nifty has 200 DMA at 4870 which is the last hope for bulls anyways. The 200 DMA is the level from where Nifty reversed trend in the month of February.

So as long as Nifty is above 4870 we are not exactly in the grip of a bear market.

So lets hope that everything is going to be all right soon.

On Friday Nifty reversed trend almost from near the level we mentioned as very strong support level on the basis of Fibonacci  retracemnet levels.

At present we advise all traders and investors to wait for the Monday's closing for more clarity before initiating any bulk long positions.
Small ticket buying is not so bad presently but only in blue chip stocks.