"BUY SBIN FUTURE ABOVE 249 TG 253.2/254.5 SL 246.4"
After a volatile day, the market ended
with loses. The Sensex slipped
108.52 points or 0.4 percent at 27253.44 and the Nifty was down 27.65 points or
0.3 percent at 8232.90. Thus it closed with downtrend. At the same time the Nifty opened
the day at 8241, made a high of 8255, low of 8225 and
closed the day at 8239. Thus the
Nifty closed the day around at the same level of opening with no profit no loss
condition..On the daily charts both Sensex and Nifty have formed a bearish
formation, which is second consecutive neutral formation over past days.
Thus the daily chart is suggesting
a pause in the downward movement.As expected the market
went just up after it’s opening.
This Resistance zone holds great significance
as it is not just a Resistance zone but it also defines the long term trend of
the market. The neutral candlestick formations of last few days have done
little to instill confidence in the bearish. Thus coming day will be a critical test for the market not
only for the bulls but for the market itself. As market is showing a volatile
range trade curely with proper stop losses and levels. Also don’t wait for long
profit in intraday as it’s an expiry session market remains unexpected. As per
technical indicators an intraday trader can trade for bulls area above 8300 on
other hand below 8220 for bear area.
RESISTANCE;8260,8280,8300
SUPPORT; 8200,8180,8150
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