Nifty ended today's session in green with considerable gains of 35 points on the cards.The nifty gave a gap down opening but successfully filled the gap after crossing 4900 levels in the current session.This has led to a formation of a piercing line pattern on the daily charts.This bounce may really be a kind of just a short covering ,as it has not shown any signs of aggressive buying.Till then i maintain my view of sell on rise.
Well in intraday nifty faced resistance at around 4960 levels,violation of the resistance will lead the markets higher to 5050,where it is expected to take a halt.Going further i expect the markets to trade range bound ,in the 100-200 points.Well concerning the global markets ,the currency crunch,the Greece uncertainty and euro zone crisis,we are more of an indecisive about the markets.
Talking technically i would also like to move your attention to the weekly charts,The markets have bounced from the support of a trend-line,a reversal from the levels could lead the markets higher.Here entering at these levels may give you handsome profits,as we will enter in the higher low position.The indicators are showing oversold levels of the markets.
In intraday we could go long at the support of 4900 and sell near the resistance levels of 4970 and further 5050.
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