Blood bath on D-street!!! Nifty came below 12100 mark. Today, the
markets witnessed a technical sell-off below the level of 12160 on weakness in
banking stocks and sluggish corporate earnings report. Along with the
rise in Asian markets, Nifty opened up with a gap of 50 points but failed to
hold on to its initial gains and started trading below the psychological
support of 12200. Below the level of 12160, Nifty fell to 12120/12100 levels.
Some more choppiness could be witnessed in the upcoming session. Today’s swing low of 12087 levels could help bears to rule. Now 12000 levels has become an impotent level for nifty. Only above 12100 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 12000 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 11900 level. A decisive close above the 12100 level should usher in a sustainable uptrend.
Some more choppiness could be witnessed in the upcoming session. Today’s swing low of 12087 levels could help bears to rule. Now 12000 levels has become an impotent level for nifty. Only above 12100 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 12000 level still looks like a sacrosanct support, a breach of which shall take the Nifty below the 11900 level. A decisive close above the 12100 level should usher in a sustainable uptrend.
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Resistance: 12100, 12200, 12300
Support: 12000, 11900, 11800
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