Market outlook for Nifty and Crude oil on 4th February

Trading the nifty on 4^th February

The chart of Nifty is exhibiting a downward trend. During the day it has touched a low of 5983 and managed to close at 5998 or almost 6000 level. In my last post I have written about this level. In the coming session the Nifty if opens above the 6006 levels it could see target of 6022 and 6042. If it slips below 5986, levels of 5970 and 5951 could be tested.

TREND                      DOWN

RESISTANCE          6025, 6045

SUPPORT                6967, 5948

Crude oil trading levels for 4^th   February

 

The crude is fast approaching its 15 day moving average. In the past it had bounced back whenever it touched the 15 day moving average. Since the crude is a volatile commodity, we can expect anything to happen. The crude can be bought above 5184 for the targets of 5199 and 5217. It can be shorted below5166 for the targets of 5150 and 5132

TREND                      DOWN

RESISTANCE          5202, 5220

SUPPORT                5148, 5130