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Markets got the week off to a
strong start, adding more than half a percent on Friday's recovery. Meanwhile,
a mixed trend on the sector front kept traders busy, with IT, metals and
pharmaceuticals stocks rallying while banks and financials lagged slightly.
Consequently, Nifty settled at the 18314 level; up 0.61%. Markets are taking
solace in rotating buying across sectors on mixed global signals. The recent
involvement of IT majors is certainly encouraging, but sustainability would be
key to success. Against this background, we reiterate our positive view and
propose to continue the stock-specific trading approach. From a
technical standpoint, after a trend reversal earlier on Friday, the market
continued its positive momentum and formed a bullish candle on the daily chart,
which is mostly viewed as a positive signal. The index is believed to have
completed a leg of its pullback rally and is currently near a key retracement
resistance zone. Overall, the market has shown positive signs with a strong
recovery supported by the performance of certain sectors. However, caution
should be exercised around the key retracement resistance zone and traders
should monitor the quoted levels for possible market movement. Nifty has strong
support in the 18250 area and resistance on the upside in the 18350-18425 area.
Resistance: 18350, 18400, 18450
Support: 18250,
18200, 18150
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