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Global market witnessed steep corrections and Indian markets also followed suit as there was widespread selling, especially in banking, metals, and realty stocks. After a sharp rally in recent sessions, the markets could see some bouts of volatility in the near future. Benchmark Nifty has formed a strong reversal formation which clearly indicates high chances of a further correction from current levels. The texture of the market is weak and downward momentum could continue in the short run. For the next few trading sessions, the 17350 levels could be the sacrosanct resistance level for the traders, and trading below the same we can expect further price correction up to 17250-17300 levels, whereas trading above 17550 may trigger a quick pullback rally up to 17600-17650 levels. Contra traders can take a long bet near the 17300 support level with a strict 70 points stop loss.
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