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Although the close ended largely subdued, market sentiment remained bullish as the Nifty 50 remained above 18300 positions on Tuesday. During the day, Sensex broke near 62,100 and Nifty 50 surpassed 18400 before correcting. Adani stocks remained in focus, with most of them seeing excellent buys. Midcap stocks also outperformed benchmarks. Sensex closed at 61981 up 18 points. The Nifty outperformed its counterpart to finish at 18348, up 33 points. Earlier in the day, Sensex and Nifty 50 hit intraday highs of 62245 and 18419 respectively. In two trading sessions this week, the Nifty 50 saw better movement than Sensex. Bank Nifty recovered from its previous sell-off to close at 43954, up 69 points. Today's market reached the barrier near 18420 after a gap-up open and corrected quickly in the second half due to intraday profit booking. But the short-term pattern is still bullish. Technically, the index has generated a hammer candlestick reversal configuration on the daily charts, suggesting a high possibility of temporary weakness. Since the short-term market structure is non directional, we believe that level-based trading is the best approach for day traders. Currently, 18350 would serve as a key support level for traders. Above this point, sentiment is likely to remain positive and the index could rally as high as 18475-18525. On the downside selling pressure is likely to increase below 18350. The Nifty could fall below this level by 18300-18200.
Resistance: 18450, 18500, 18550
Support: 18350,
18300, 18250
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