Nifty could hit 5200-5300 in next two weeks

The broader market could test 5200-5300 over the next week or two if it manages to breach the strong resistance of 5120, technical analyst AK Prabhakar, Anand Rathi Securities, said.

"The falling trendline connecting the 5600 and 5300 highs is at 5120. If this is breached Nifty could test in the next week or two 5200 and then 5300 , which is the three-month high," he said, adding, "4950 was a strong support, which was the market's low over the past few sessions."

Nifty ended up two fifths of a percent at 5068.35 on Friday, its highest level since May 7 on hopes of an RBI interest rate cut at its policy meet on June 18 and likelihood of further stimulus measures by the US Federal Reserve to stave off a possible contagion from the euro area.



Keywords; broader market,technical analyst ,AK Prabhakar, Anand Rathi ,Securities, Nifty, RBI interest rate, US Federal Reserve ,business news, euro area.