Volatility ruled the roost as key
benchmark indices reversed direction and slipped into the red in mid-afternoon
trade as European stocks dropped after the European Central Bank warned Cyprus
that it will cut off emergency funding . The CNX Nifty was down 4.95
points or 0.09% to 5,689.45. The index hit a high of 5,757in intraday trade
The index hit a low of 5,662 in intraday
trade.
The index is signaling quite a bit of
weakness going forward while given the international cues it could well be that
our market might show a pullback corrective during the day since it has fallen
far too sharply in the recent past. However, that rally will be more of an exit
rally kind of stuff rather than any onset of a fresh intermediate uptrend
shaping up....
The levels to monitor on the upside would be: first the range
between 5680 and 5720, next between 5730and 5740 . So long as we don’t cross
the 5782-mark decisively with lot of volume activity in the cash segment and
large long build up in the derivatives, we should not indulge in any wishful
thinking for a sustained recovery. All rallies up to 5780 are pullback
correctives and the real confirmation of 5780 getting taken out decisively will
come only when the index closes above 5825.
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RESISTANCE:5700 5740, 5780
SUPPORT: 5690, 5660, 5630
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