Market continues to trade in a small range between 16200-16350. After a positive start in the market on Wednesday, we witnessed a correction and the gains got wiped off in the early morning session. Sentiments remain intact and poised towards positivity as government data shows a very small impact of the second wave on the businesses and that suggests the signs of economic recovery. The market witnessed the continuation of trading within a small range and a reversal from the support level around the Nifty level of 16200. Market is going to be crucial for the short-term scenario to sustain above the 16200. At Close, the Sensex was down 28 points at 54525, and the Nifty was up 2 points at 16282. The market continues to respect the support level of 16200. We can expect the recovery in the market near the level of 16300 and gain momentum, leading to an upside projection till the level of 16400-16500.
Technical
indicators suggest a volatile movement in the market. The traders are advised
to refrain from building a new buying position until further improvement is
seen in the market breadth. The index saw a sharp sell-off but managed to take
support around the 16175 level. It bounced well and has again managed to close
in the vicinity of 16350. If we can close above the 16350 level, the Nifty can
move up to 16500. Until then any intraday correction can be utilized to
accumulate long positions as the trend is positive.
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Resistance: 16300, 16375, 16455
Support: 16222, 16172, 16101
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