FOR CALLS JOIN US NOW WHATSAPP 9039542248
Bulls failed to retain control as Nifty failed to hold on to
11,500 on a closing basis while Sensex fell nearly 200 points in volatile
trade. Sensex fell 173 points to 38,557 while Nifty closed 57 points down at
11,498. The index closed below 100-day exponential moving average placed around
11,500.The next big support for Nifty50 is now placed at 11,316, which is 200-day
EMA. We advise investors to trade cautiously and wait for clear signs of a
breakout for initiating long positions. Nifty
formed a bearish candle but it closed above July 9 intraday low of 11,461 that
suggests there is a possibility of a pullback. If the index breaks below this
level then the selling pressure could extend towards 11,420-11,300, while a
close above 11,600 could bull back in charge.
Resistance: 11600, 11650
Support: 11450, 11400
No comments:
Post a Comment