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BUY CUMININD ABOVE 808 TGT 812.80/817 SL 804
SELL JINDALSTEL FUTURE BELOW 180 TGT 177.40/174.30 SL 184
Bulls are on back foot, Bears continued to rule… Nifty has started the week on negative note citing weak global markets and rise in oil prices on concerns of production cut. Nifty witnessed selling pressure and dropped below the 10500 level. Indian equity benchmarks erased their opening gains and declined the most in over two weeks. The Sensex ended down 345 points at 34812, while Nifty was down 103 points at 10482.
Some more choppiness could be witnessed in the upcoming session. The recent swing low of 10500 levels could help bears to rule. Now 10650 levels has become an impotent level for nifty. Only above 10650 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 10450 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 10400 level. A decisive close above the 10650 level should usher in a sustainable uptrend.
BUY CUMININD ABOVE 808 TGT 812.80/817 SL 804
SELL JINDALSTEL FUTURE BELOW 180 TGT 177.40/174.30 SL 184
Bulls are on back foot, Bears continued to rule… Nifty has started the week on negative note citing weak global markets and rise in oil prices on concerns of production cut. Nifty witnessed selling pressure and dropped below the 10500 level. Indian equity benchmarks erased their opening gains and declined the most in over two weeks. The Sensex ended down 345 points at 34812, while Nifty was down 103 points at 10482.
Some more choppiness could be witnessed in the upcoming session. The recent swing low of 10500 levels could help bears to rule. Now 10650 levels has become an impotent level for nifty. Only above 10650 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 10450 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 10400 level. A decisive close above the 10650 level should usher in a sustainable uptrend.
Resistance: 10650, 10680, 10720
Support: 10475, 10440, 10400
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