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Tug of war between bulls & bears!!!! The market has been on
a wobbly road, largely downwards. The Sensex and Nifty swung between gains and losses on
Tuesday as the markets lost steam a day after clocking a record high. The
Sensex moved in a range of 228 points, touching 40466 and 40237 at the
strongest and weakest levels in morning trade respectively. The Nifty swung a
total 117 points between 11861 and 11978, as the markets switched
direction at least eight times after a positive opening.
Some more choppiness could be witnessed in the
upcoming session. Today’s swing low of 11875 levels could help bears to rule. Now
11850 levels has become an impotent level for nifty. Only above 11950 levels
could help bulls to comeback in the ground. Traders should trade with proper strategy in
such scenario. It
looks prudent for traders to avoid short-term bets and focus on any breach of
larger trend, which may chalk out the future course of action for the indices.
The 11825 level still looks like a sacrosanct support, a breach of which shall
take the Nifty below the 11800 level. A decisive close above the 11950 level
should usher in a sustainable uptrend.
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Resistance: 11950, 12000, 12050
Support: 11850, 11800, 11750
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