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Markets traded subdued and ended almost unchanged, in continuation to the prevailing consolidation phase. The benchmark started with an uptick, tracking supportive global cues and inched further higher initially but profit-taking in the index majors trimmed all the gains as the session progressed. Consequently, the Nifty ended flat at 14911 levels. The US markets are doing comparatively well despite caution ahead of the Fed meet and rising bond yields. At the same time, our markets are facing pressure and hovering in a range, after the subdued macroeconomic data and rising in the COVID cases. We feel the prevailing consolidation would end soon. Meanwhile, we suggest avoiding directional trades and preferring hedged positions.
The Nifty failed to show resilience to stay above the level of 15000.
While it is subject to further price action evolution, the technical factors
are aligned to support a lackluster market movement going forward. Any
corrective wave down should find support around 14750. As such, the
traders are advised to refrain from building a fresh buying position until we
witness a correction till 14750 levels. The volatility is observed to expand in
today’s trading session indicating profit booking and distribution of stocks at
a higher market level.
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Resistance: 15000, 15250, 15500
Support: 14850, 14600, 14250
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