For the coming week, Nifty is expected to remain choppy in the range of 5,350 and 5,600 traders should look for initiating longs only above 5,530. 5,600 will act as stiff resistance for the market, trading below the level of 5450 can intensify the selling in the market which can lead index to the level of 5,350 with minor resistance at 5410 level , slippage of 5,350 level will be hard landing on the bulls, in that case slippage can extend further to the tune of 5,200. Market reversal stands at 5,530 on close basis. Decisive close below/above 5,530 will signal potential reversal in trend.
The Indian markets came off the day`s highs today after Moody`s said that it had placed Spain`s ``AA2`` rating on review for a possible downgrade, citing continued funding pressures on the Spanish government. A lot would hinge on the monsoon session of parliament which begins next week. A few very important bills are slated to be presented in parliament. Hopefully, the warring political class will set aside their differences and clear at least some of them.
Traders should look for initiating longs above 5,530 for target of 5,600 with stop at 5,500 on close basis. Option traders can look for initiating put positions around 5,450 levels with stop of 5,500 on closing basis. Power and Infra stocks to remain in focus
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