Week started on bearish
note. Selling in financial counters took the nifty below 11000 mark. The Nifty closed the day
near 10900 and formed a bearish candle on daily chart, as the closing was lower
than the opening value. 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-days
downtrend, then corrective swing would get extended into the 10850–10800 zone.
For the time being, strength in the index shall not be expected unless it
closes above 11000 levels. Traders should avoid long positions and look for
some signs of stability around 11100 whereas existing shorts should be squared
off if the Nifty fails to close below 10900 in the next trading session.
More about intraday tips Whatsapp On
9039542248
Resistance: 11000, 11100
Support: 10850, 10750
No comments:
Post a Comment