Bears continued to grip the markets…!!!!
Nifty came down below 10600 mark, due to uncertainties surrounding the global
market and upcoming US FED policy. However, towards the closing, market managed
to recoup some of the losses supported by strengthening rupee and short
covering ahead of F&O expiry. Nifty managed to close above 10650 at 10652,
today it has made a high of 10690 & low of 10583.
Market is not completely out of the wood as volatility may extend in the coming days due to the union budget and election led uncertainty. Nifty has reached closer to the immediate and crucial hurdle of 10550, and a decisive breakout will trigger fresh surge ahead. We suggest maintaining cautious approach in the nifty, considering the mixed sentiment. Traders should focus more on the money management aspects and avoid taking unnecessary risk. The 10725 and 10775 levels may act as immediate resistance levels for Nifty, while supports may come in at 10550 and 10500 levels.
Market is not completely out of the wood as volatility may extend in the coming days due to the union budget and election led uncertainty. Nifty has reached closer to the immediate and crucial hurdle of 10550, and a decisive breakout will trigger fresh surge ahead. We suggest maintaining cautious approach in the nifty, considering the mixed sentiment. Traders should focus more on the money management aspects and avoid taking unnecessary risk. The 10725 and 10775 levels may act as immediate resistance levels for Nifty, while supports may come in at 10550 and 10500 levels.
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Resistance: 10725, 10775
Support: 10550, 10500
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