Bears continued to grip the market &
took nifty below 10850 mark amid volatility in last hour despite positive trend
in global peers. . At the close of market hours, the Sensex was down 241 points
at 36153 and the Nifty down 57 points at 10831. Investors took a cautious
approach ahead of the industrial production (IIP) data for December and
inflation numbers for January to be released in the post market hours. This
data will dictate the market in tomorrow’s trading session.
Hence we are not having any major domestic & selling trigger so the selling pressure could be continued in the coming session. Nifty has formed a Bearish Candle on the daily chart and forming lower highs and lows for last three sessions. It broke its 50% retracement at 10850 and found a hurdle in surpassing the 10930 mark. Now it has to cross and hold above 10850 to witness a bounce towards 10950 and then 11000 level, while on downside, it may find support near the 10775 -10750 zone.
Hence we are not having any major domestic & selling trigger so the selling pressure could be continued in the coming session. Nifty has formed a Bearish Candle on the daily chart and forming lower highs and lows for last three sessions. It broke its 50% retracement at 10850 and found a hurdle in surpassing the 10930 mark. Now it has to cross and hold above 10850 to witness a bounce towards 10950 and then 11000 level, while on downside, it may find support near the 10775 -10750 zone.
More
about intraday tips on Google +
Resistance: 10900, 10950
Support: 10800, 10750
No comments:
Post a Comment