Bulls were
taking a breath after 5 days of long run. The spike in US-Chine tensions hit
the global markets while a surge in virus infections globally impacted on the market
sentiment. Market ended the five-day winning streak with landing
in losses on Wednesday dragged by selling in IT, auto and state-run lenders.
The Sensex ended the session on July 22 down 58 points at 37871, and the Nifty
shed 29 points at 11132. After the initial uptick, the benchmark
oscillated in a range however movement on the stock-specific front kept the traders
busy.
Nifty has almost tested the 11250 today so some consolidation cannot be ruled out. In absence of any major event, markets would continue to take cues from the ongoing earnings season as well as global markets. Besides, it would await more data on how demand and economy recovery is panning out amid the pandemic. Traders should maintain positions on both sides and limit leveraged trades. Nifty closed on negative note after four consecutive sessions at 11132 with loss of 30 points and formed a hanging man kind of candle pattern on daily chart which is bearish reversal pattern by nature. So any break below 11000 can lead in more profit booking. Support for Nifty is coming near 11000-10900 mark and any break below said levels can drag down index more and resistance is still placed at 11250-11350 zone.
Nifty has almost tested the 11250 today so some consolidation cannot be ruled out. In absence of any major event, markets would continue to take cues from the ongoing earnings season as well as global markets. Besides, it would await more data on how demand and economy recovery is panning out amid the pandemic. Traders should maintain positions on both sides and limit leveraged trades. Nifty closed on negative note after four consecutive sessions at 11132 with loss of 30 points and formed a hanging man kind of candle pattern on daily chart which is bearish reversal pattern by nature. So any break below 11000 can lead in more profit booking. Support for Nifty is coming near 11000-10900 mark and any break below said levels can drag down index more and resistance is still placed at 11250-11350 zone.
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Resistance: 11250,
11350, 11450
Support: 11000,
10900, 10800
very good information given from you
ReplyDeletethank u sir . for more live calls contact on whatsapp 9039542248
Deletevery useful information you share here.
ReplyDeletethank u sir . for more live calls contact on whatsapp 9039542248
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