Despite positive global clues nifty opened on a flattish note .Nifty was maintaining its buoyancy for the budget to roll out,but as time progressed the budget was not able to impress the market participants in any way and got dragged into red.There was high selling observed as nifty approached intraday high levels and closed shelling 63 points . Also the new equity scheme and reduction of STT on delivery segment could not lure the participants.
This is the consecutive 5th week markets closed in red, in addition on daily charts nifty has crossed and closed below 20 DMA levels creating a slightly bearish feeling.Currently nifty is above the 40 DMA levels which can let us hope of limited downside.In coming days the 200 DMA holds the key to determination the trend of markets.
Currently the MACD is also above the zero levels leaving a hope that the bulls might again takeover nifty to previous highs.Traders LONG in nifty with short term perspective can hold their positions with stops below the 200 DMA
This is the consecutive 5th week markets closed in red, in addition on daily charts nifty has crossed and closed below 20 DMA levels creating a slightly bearish feeling.Currently nifty is above the 40 DMA levels which can let us hope of limited downside.In coming days the 200 DMA holds the key to determination the trend of markets.
Currently the MACD is also above the zero levels leaving a hope that the bulls might again takeover nifty to previous highs.Traders LONG in nifty with short term perspective can hold their positions with stops below the 200 DMA
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