FOR LIVE STOCK FUTURE NIFTY FUTURE STOCK CASH & OPTION CALL PUT TIPS WHATSAPP ON 9039542248
The markets started the week cautiously, continuing the prevailing consolidation phase. Weak global cues triggered a gap-down open in the benchmark, but lift from select index majors, particularly from the banking package, limited the downside. Most sector indices closed lower with broader indices also falling in the 1.8% to 2.2% range. Markets have seen unpredictable swings across a broader spectrum, mainly in response to global signals. Also, the lack of internal support adds to the participants' concerns. We therefore reiterate our cautious stance and suggest limiting leveraged positions. The Nifty had attempted a bounce for the past week to fill a gap area on the daily chart. The index faced a new round of selling near the top of this gap area, from where the index started to slide again. The Nifty rolled further down on April 25. It has again created a gap area on the daily chart today close to 17050-17150. This will now act as a short term resistance zone and any attempt to fill this gap area can be treated as a new short selling opportunity. The overall structure suggests that the index is likely to stay on the downtrend in the short-term and is likely to break the swing low of 16850 and drop towards 16750 in the short-term.
Resistance: 17000, 17100, 17200
Support: 16900,
16800, 16700
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