Today nifty closed in green with just meagre gains of 18 points, as the day progressed markets experienced a see-saw ride.The nifty opened in green rose a bit and faced resistance around 5300 levels .After hovering at these levels it start sliding down gradually giving it off all again. Nifty approached yesterdays low which is 5234 levels ,following which came a buying spurt ,which in no time took nifty again in green.This time it again failed to break 5300 levels following a consolidated close.
After the overall ride the nifty is still below the 20 and 40 DMA levels.Here we are compelled to look at the 200 DMA,if this is violated then bears will rush in and take nifty upto 5080 levels as said in yesterdays post.The nifty will face an intra week resistance at 5300 ,violating it will face next resistance at 5350 .Successful violation and close above these levels will take nifty above the 20 and 40 DMA where the bulls shall feel comfortable to takeover.
Today inspite of green closing the overall market breadth was negative with 723 advances and 769 declines. Traders are humbly advised to trade with extreme caution and strictly follow the support and resistance levels to avoid any bad positions.Coming days will decide who will ride the nifty BULLS OR BEARS?
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