Friday proved the shy day for the market, there was very
range bound movement in the nifty of just 40 points. The peak point of the day
was 4952 and valley point was 4985.
While the heartening thing for the index bulls is Nifty’s
closing above the 5930-mark and not falling much below that level even when
there was quite a bit of weakness otherwise, the bear pressure may still be
there and we can’t be too certain of a sustainable recovery from here.....
This,
however, does not rule out a one-day pullback in the market given the fact that
the index showed a candlestick pattern
suggesting indecision among the bears. Even though the SGX Feb Nifty is down by
17 points we still need to see if the Nifty decisively breaks down below
5930-mark and starts moving down further. it has one more support at
5920 to be broken before it tests 5900-mark. However, once the 5900-level is
taken out we can expect the index to slide to levels around 5875 and eventually
testing the next major support between 5860 and 5840. It would be even better
if they can pull up the index, on closing basis, beyond the 5990 – 6010 levels
to firmly establish the end of the short term downtrend. However, as of now, it
is rather too much to expect.
For free nifty tips
fill the form on the right hand side ----->
RESISTANCE:6000 6030, 6080
SUPPORT 5990, 5950,
5920
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