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Volatility was witnessed there in the market today. Today all eyes were on RBI Credit Policy but nothing much came out of there. The market opened marginally lower at 8535. Nifty made a low of 8504 and made a high of 8560 as oil prices tumbled to a five-year low. The Nifty ended lower nearly by around 30 points odd at 8524.
The index looks vulnerable since it has already touched a major resistance zone between 8623 and 8650; it is quite unlikely that it would cross the above range without first suffering some profit taking and course correction. If the Nifty were to fall below the critical zone between 8500 and 8470 then we can expect a test of 8450 or lower levels as well. We suggest paring down of short term long positions or booking profits in them because the market is highly vulnerable for a course correction.
Volatility was witnessed there in the market today. Today all eyes were on RBI Credit Policy but nothing much came out of there. The market opened marginally lower at 8535. Nifty made a low of 8504 and made a high of 8560 as oil prices tumbled to a five-year low. The Nifty ended lower nearly by around 30 points odd at 8524.
The index looks vulnerable since it has already touched a major resistance zone between 8623 and 8650; it is quite unlikely that it would cross the above range without first suffering some profit taking and course correction. If the Nifty were to fall below the critical zone between 8500 and 8470 then we can expect a test of 8450 or lower levels as well. We suggest paring down of short term long positions or booking profits in them because the market is highly vulnerable for a course correction.
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RESISTANCE: 8590, 8620, 8650
SUPPORT: 8560, 8530,
8500
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