After hitting a new record high of 41185 points, Sensex ended 71 points lower at 40938 today. The Nifty, on the other hand, lost 26 points to 12060 points. In the opening session, Sensex had jumped over 175 points to a new record high of 41185 while Nifty Bank had also hit a new high. The Nifty index remained volatile and swung both ways between the level 12134 high & 12046 low before ending lower at 12053 below 12100 mark. The Nifty has been struggling to clear the 12150–12200 zone. Looking at the chart of the Nifty, it can be construed that the index is trading in the 11900–12150 range, which is similar to the previous week. The short-term trend would be dented only on a breach of the 11900 mark.
Thus, for some more time, we feel traders should adopt the mean reversion technique in the coming week. On the upside, only a sustainable breakout above 12150 would propel the index towards higher levels. In the near term, the market may remain positive and could rise further. This opportunity should be used by traders to start booking short-term profits in long positions.
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Resistance: 12050, 12095, 12150
Support: 11950, 11900,
11850
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