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Bears continued to cheer
& took nifty near 11900 mark. Telecom sector issue, lower economic growth,
unexpected quarterly earnings & threats of disruptions in business due to
the coronavirus rife in China helped bears to growl. Nifty started the day from
12028 made a high of 12030 & low of 11908 & finally managed to close
the day below 12000 mark at 11992 down by 53 points.
This is the
2nd consecutive day on which Nifty has closed below the opening of
the day. Today nifty closed below 12000 and formed a bearish candle on daily
chart. Considering the consistent weakness after the recent rally, we advise
you to avoid long positions. The Nifty was decisively trading below its 50-day
moving average and if it slips into some sort of multi-week downtrend, then
corrective swing would get extended into the 11900–11800 zone. For the time
being, strength in the index shall not be expected unless it closes above 12150
levels. Traders should avoid long positions and look for some signs of
stability around 12100 whereas existing shorts should be squared off if the
Nifty fails to close below 11900 in the next trading session.
More about intraday tips on Google +
Resistance: 12100, 12200
Support: 11900, 11800
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