Skip to main content

NIFTY SHOW-GENTLE BOUNCE

Nifty closed in green scoring 59 points ,after bouncing from the 200 DMA levels, inspite this the overall market breadth was negative with 630 advance and 860 declines.Todays nifty has managed to sustain above the key support levels,it has formed a doji on the daily charts resembling dire indecisiveness.Nifty seems to be entangled in the tug-of-war tussle between bulls and bear, the winner of which will tread the further path.
                                                                           Keeping in mind the expiry ahead it would rather be safe to take intraday position than being biased on any one side on positional basis.Trading the intraday volatility can be cashed in if done proficiently.As presently the futher road seems nowhere, it would be wise to wait and watch till the road ahead gets clear enough.
                                                                                         For downside the 5080 and 4870 seems crucial,whereas on the upside 5370 and 5500 seems significant.If nifty holds the support then the expiry can be expected above 5300.

Comments

Post a Comment

Popular posts from this blog

Post a Comment
Read more

DOJI

Nifty witnessed an absolutely sedate session,the bias looked positive but lacked momentum . The broader market was negative with 665 advances to 808 advances.The rally seemed to take a halt for a day before continuing further.i feel that the rally would take the markets to 5470-5500 before correction.since we are lacing fundamentally the longevity of this rally cannot be counted on.                                                                                                       On the hourly charts we are making higher highs and higher lows keeping the momentum intact,still as advocated a burst of 40-60 points on the nifty is still pending before correction ,i feel this might come tomorrow.Hence adding nothing more to i...
Post a Comment
Read more