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A roller
coaster ride of bulls & bears ended on moderately positive note. After
opening sharply higher, traders waited for the outcome of the two-day Federal
Reserve committee meeting later in the day. The index snapped two-day
fall and maintained 10800 levels, forming a bearish candle on intraday basis as
the closing price was lower than the opening price. If we compare the September
18 closing with that of the previous day then it forms a bullish candle. The
chart pattern is also known as the inside bar candle on the daily scale.
After opening higher at 10872, the Nifty traded within a range of 10804 -10885.
It closed 23 points higher at 10840.
The Nifty
registered a bearish candle after moving in a narrow range of 80 points but
managed to defend Tuesday's low of 10796, which may be hinting at a brief
consolidation going forward. In case the index sustains above 10796 levels then
a bounce towards 11000 in the next couple of sessions can't be ruled out.
Trend shall continue to favor of bears and any such bounce should be utilised
to create fresh short positions as long as the Nifty trades below 11100 levels.
Remain neutral on the long side and make use of rallies to create short
positions. This projection would get negated if the Nifty closes above 11141
levels.
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Resistance: 10915, 11000
Support: 10755, 10700
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