FOR BEST CASH,FUTURE,NIFTY FUTURE,STOCK FUTURE FILL UP THE FORM GIVEN RIGHT SIDE>>>>>>>>>>>>>>>
On Friday market was very volatile. The nifty future opened with a huge gap-up at 8478. However, it failed to sustain at higher levels and reversed sharply lower after recording a high of 8504. The nifty made a low of 8361 and is again bouncing back from there and closed at 8398.
The market is bearish. We expect some more downfalls. Whatever earnings that came out are not that great, and valuations are way high. We are not in a hurry to buy. And we advise traders to wait for some more time. For nifty the resistance will be at 8445, which is likely to restrict the upside for the nifty. A break below psychological support at 8400 can drag the nifty lower to 8375. It will also increase the danger of revisiting 8300 levels. Traders may go short. Stop-loss can be placed at 8455 for the target of 8385. Downside pressure will ease if the contract breaks above 8445. In such a scenario, for tomorrow an intraday rise to 8485 is possible.
On Friday market was very volatile. The nifty future opened with a huge gap-up at 8478. However, it failed to sustain at higher levels and reversed sharply lower after recording a high of 8504. The nifty made a low of 8361 and is again bouncing back from there and closed at 8398.
The market is bearish. We expect some more downfalls. Whatever earnings that came out are not that great, and valuations are way high. We are not in a hurry to buy. And we advise traders to wait for some more time. For nifty the resistance will be at 8445, which is likely to restrict the upside for the nifty. A break below psychological support at 8400 can drag the nifty lower to 8375. It will also increase the danger of revisiting 8300 levels. Traders may go short. Stop-loss can be placed at 8455 for the target of 8385. Downside pressure will ease if the contract breaks above 8445. In such a scenario, for tomorrow an intraday rise to 8485 is possible.
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RESISTANCE: 8430, 8460, 8490
SUPPORT: 8370, 8340, 8310
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