4 July 2017

NIFTY PREDICTION & FREE NIFTY TIPS FOR 5 JULY 2017

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Market ended the Tuesday's trading session on a flat note with a negative bias, but the Nifty ended above 9600-level. Market played true to experts' concerns of volatility as the market remained choppy  today,the sensex closed at 31209, down by 11 points. The Nifty fell by almost 2 points to close at 9613. The indices had opened on a positive note with Sensex gaining more than 100 points in early trade. However by mid day both the indices had slipped in the red before they saw another spurt in evening with Sensex hitting day high of 31353 and Nifty touching the psychological mark of 9650. GST positivity still weighs on the market. Some traders are now looking for bargain buying, while other are booking profits after sharp gains from yesterday.
I expect a quiet start of the market on Wednesday and do not expect the Nifty to drift significantly below the 50-DMA mark. While the 9675 and 9695 levels will be important resistance levels to watch out for, supports will come in at 9600 and 9550 levels. Pattern analysis show the market dipped below the important trend line support drawn from the 9200 mark. However, as of now, the Nifty has held on to its important pattern support and the 50-DMA level, which stands at 9482. This level will act as an important near-term pattern support for the market. Overall, we expect the market to form a base in this zone, but yet to see a confirmation on the charts. There are chances that the market may attempt some pullback from these levels. Cautious optimism is advised for tomorrow.
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Resistance: 9650, 9670, 9700
Support: 9585, 9565, 9500


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