The market continued its downward trajectory .On the back of lack of triggers on the domestic front;
the markets were trading in a lackluster mode. Investors are cautious
ahead of F&O expiry. In this last expiry week of the Financial Year
market has taken a strong trend to its consolidation phase. The market has started
the expiry week, which is also the last full-week of the current fiscal year on
a feeble note. Nifty, which breached
the 8,600-level to touch the day’s high of 8608 in early trade, fell back
on broad-based selling. It then touched a low of 8540 before closing down
with a loss of 20 points at 8550. In four days, the
Nifty has shed 172 points.
Nifty has major
support at 8514, and it has entered in the oversold territory can increase
volatility in coming days. Nifty closed at 8550 down around 20 points. The market breadth was negative. Current correction in the market is
expected to be longer and deeper than the one seen in the past. According to
us, Nifty is likely to fall down to 8270 or even below 8000 going ahead.
However, the bull market phenomenon remains intact.
PIVOT POINT NIFTY
R2
|
R1
|
PIVOT POINT
|
S1
|
S2
|
8647
|
8609
|
8581
|
8543
|
8515
|
TECHNICAL VIEW:
- RED DOJI
OUTLOOK TREND: -
CONSOLIDATION
STRATEGY: - BUY
ON DIPS
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