As expected Nifty opened with gap up and has jumped over 5950 which is a major resistance level, but as stated before 5980 which is 61.8% as per Fib levels has resisted Nifty move and has pushed to 5950 levels. Ultimately even 5950 was not able to give enough and has drifted further down. Remember I stated in my previous blog so short Nifty below 5950 and it has happend and many would have gained handsomely . Nifty was trading in this range since 20 days and I am sure we will see major break from these levels in next 4 - 5 days.
For intrday traders as Nifty has found resistance at 5950 again when it tried to move towards last one hour is a clear bearish indication. Nifty is now expected to trade between 5850 - 5950 which are acting as major support and resistance levels. With the tug-off in US continuing things are getting worse as Dow Jones is going and it has lost nearly 1000 points with out much support. We may see gap down today based on cues from global markets and the bias is down wards movement of Nifty and 5880 could act as a support area and if it breaches we have a very strong support area at 5840-50 levels. Don't be surpirsed with pullback from these levels as it has happened.
Stocks for the Day
AuroPharma
Axis
YesBank
ACC
PNB
ITC
BhartiTel
TechM
For intrday traders as Nifty has found resistance at 5950 again when it tried to move towards last one hour is a clear bearish indication. Nifty is now expected to trade between 5850 - 5950 which are acting as major support and resistance levels. With the tug-off in US continuing things are getting worse as Dow Jones is going and it has lost nearly 1000 points with out much support. We may see gap down today based on cues from global markets and the bias is down wards movement of Nifty and 5880 could act as a support area and if it breaches we have a very strong support area at 5840-50 levels. Don't be surpirsed with pullback from these levels as it has happened.
Stocks for the Day
AuroPharma
Axis
YesBank
ACC
PNB
ITC
BhartiTel
TechM
No comments:
Post a Comment