Nifty since last 2 weeks was finding support at 5840 levels and the key is today, we have a major support at 5800 which is 200 EMA, breaking this levels could lead to5700 levels and further down to 5500. RSI and MACD are also turning negative which is a clear indication for the market to drift down further down. It is waiting to fill the gap it has formed in first 10 days of September.
SGX Nifty is trading at 5830 levels which is 50 points down from Friday's close which is a clear indication to short. If we were to open below 5800 levels as indicated by SGX Nifty and stays there for some time, it is a clear oppurtinity for Intraday traders to short. For the short term traders wait for the market to stabilize to short for a target of 5700 in spot by keeping SL at 5830 in spot.
Stocks for the day
JubFood
Bharti
Bata India
Dabur
Auro Pharma
ICICI
BOB
SGX Nifty is trading at 5830 levels which is 50 points down from Friday's close which is a clear indication to short. If we were to open below 5800 levels as indicated by SGX Nifty and stays there for some time, it is a clear oppurtinity for Intraday traders to short. For the short term traders wait for the market to stabilize to short for a target of 5700 in spot by keeping SL at 5830 in spot.
Stocks for the day
JubFood
Bharti
Bata India
Dabur
Auro Pharma
ICICI
BOB
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