“SELL RELIANCE FUTURE BELOW 1036 TGT
1029/1021 SL 1049”
“BUY BANK NIFTY FUTURE ABOVE 16650 TGT
16690/16740 SL 16600”
It was a stellar rally
in the market on Thursday, Today market ended flat before turning into red. Whole
day nifty was trading above the level of 7900, but before the closing of market
nifty came down below the level of 7900. The Sensex closed up 36 points at 25880, and
the Nifty slipped 2.70 points at 7912. The BSE Sensex opened at 25980 touched
an intra-day high of 26080 and low of 25783. The NSE Nifty closed with a loss
of three points at 7912. The NSE Nifty opened at 7954 hitting a high of 7978 and
low of 7884.
On Friday Nifty may open around the 7900-level.
The moot point is whether it stays above the critical level of 7900 or not even
if it were to open lower. If it manages to does that then only expect some
pullback attempt? On the way up assuming the index opening lower around 7915
the first significant resistance to overcome would be found between 7930 and 7955.
Unless the last closing level of 7912 is decisively taken out do not expect any
sustainable uptrend. On the contrary, if it slides below 7875-support area it
may well slide down to test the next support range between 7850 and 7820.
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RESISTANCE:
7935, 7955, 7975
SUPPORT: 7875, 7855, 7835
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