Tug of war between bulls & bears was witnessed in today’s session & bears were the winner. Bears tighten their grip on the dalal street & took the nifty below 10800 mark. nifty failure to respect the crucial moving average in intraday trade as it slipped to sub-10,750 level by afternoon trade. The index formed a small bearish candle on the daily chart and formed lower lows for the second session. It eventually closed a tad above its 200-day moving average at 10,790 level. The index eventually closed at 10792, down 117 points. The index erased most of the gains that it had made in last four sessions, which gave analysts some worry.
NIFTY TOMORROW
The 10700
level still looks like a sacrosanct support, a breach of which shall take the
Nifty below the 10650 level. A decisive close above the 10850 level should
usher in a sustainable uptrend. Aggressive traders with high risk
appetite can consider short positions on the index with a stop loss above the
10900 mark on a closing basis and look for an initial target of 10550.
More about intraday tips on Google +
More about intraday tips on Google +
Resistance: 10850, 10900, 10950
Support: 10700, 10650, 10600
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