Nifty continued to reel in trade today, ending
Wednesday’s session on a flat note. Nifty managed
scrape past the finishing line in the green, ending the listless
session up nearly 3 points at 5959.20.The
index took support at the anticipated range between 5950 and 5930. Since it was
a major support zone and the market has been six consecutive sessions, we
expect a bounce back mostly on the back of short covering that began in
yesterday’s session. The same range would provide support while initial resistance
is likely between 5970 and 5990....
We can expect a sustainable pull back however, any failure to clear 6020 on closing price basis and the index closing even below 5997 would mean the downtrend would most likely gather further steam in the short run.Suppose if it were to move up beyond 6020-level, the next resistance levels are around the level 6040 and strong supply is likely to come between 6050 and 6060.
We can expect a sustainable pull back however, any failure to clear 6020 on closing price basis and the index closing even below 5997 would mean the downtrend would most likely gather further steam in the short run.Suppose if it were to move up beyond 6020-level, the next resistance levels are around the level 6040 and strong supply is likely to come between 6050 and 6060.
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RESISTANCE:5990 6000,6040
SUPPORT :5980, 5950,
5920
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