BUY SBIN 325 PUT @ 5 TGT 6/7
For LIVE MARKET OPTION CALL PUT NIFTY OPTION TIPS WHATSAPP UR NAME & SEGMENT ON 09039542248
A lackluster trading session ended on negative note, on the back of weakness in the global markets and neutral to negative domestic flow. Nifty witnessed selling since the start of the day and closed at 11,994 with a loss of 54 points, forming a bearish candle on the daily chart. In the second half of the trading session, bulls tried to comeback in safer zone from the lows of 11960 and closed around 12000. Market turned cautious due to global issues like import tariffs by the US on Argentina & Brazil and likely retaliation by China over the support by the US in Hong Kong which could impact the progressing trade deal. A slide in telecom stocks after a recent spike and risk of a further downgrade in FY20 GDP estimate due to overshooting inflation and weak demand could be the risks to be mitigated by RBI in the policy meet this week.
Nifty had been trading sideways for the last few sessions. In terms of the price patterns, the sideways action turned out to be a small head & shoulder on the hourly chart and the distribution pattern broke out on the downside today. Thus, the index seems to be in for a minor degree correction. Some more choppiness could be witnessed in the upcoming session. Today’s swing low of 11956 levels could help bears to rule. Now 12000 levels has become an impotent level for nifty. Only above 12050 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 11900 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 11800 level. A decisive close above the 12050 level should usher in a sustainable uptrend.
Resistance: 12055, 12100, 12155
Support: 11955, 11900, 11855
No comments:
Post a Comment