Nifty closed in red at 5114 shedding 31 odd points.The markets open with a unexpected gap up even though the global cues were mixed with a negative bias,the SGX NIFTY also was showing a cut of 15-20 odd points in the pre-opening session.After mingling for sometime markets collapsed giving off the gains finally ending in red.This was expected as i advocated yesterday only that markets will be choppy,today markets managed to give a close above 5090 which gives us a reason to continue with the bulls.Though markets ended negative the broader market stood positive with 765 advances to 697 declines.
Technically market is facing a hurdle at 5200.It is facing a resistance of a trend line generated from the previous lows.In view of the expiry i expect markets to remain choppy but range bound also,i feel expiry of this series to be below 5200 only.If the markets reverses from this level they will move down in following sessions to find a support which is expected at 5000.Markets are finding 5090 a good support ,but the scenario on the weekly chart is what concerning me.Markets are shoeing a reversion from the overbought zone,hence i fear markets breaking this support in coming sessions.
.Keeping my views ,i would like to suggest traders to book profits on rise,since in coming days situation looks to me a bit dicey.Currently the markets are sustaining the 200 DMA which still leaves us with the hope of bullishness,also the daily RSI is trading above the 50 levels maintaining the positive bias with a downward direction.Here my skepticism peaks up as weakness plunges among the participants hence i suspect the longevity of the up move.
Book profits on the rise is my call for this expiry
Technically market is facing a hurdle at 5200.It is facing a resistance of a trend line generated from the previous lows.In view of the expiry i expect markets to remain choppy but range bound also,i feel expiry of this series to be below 5200 only.If the markets reverses from this level they will move down in following sessions to find a support which is expected at 5000.Markets are finding 5090 a good support ,but the scenario on the weekly chart is what concerning me.Markets are shoeing a reversion from the overbought zone,hence i fear markets breaking this support in coming sessions.
.Keeping my views ,i would like to suggest traders to book profits on rise,since in coming days situation looks to me a bit dicey.Currently the markets are sustaining the 200 DMA which still leaves us with the hope of bullishness,also the daily RSI is trading above the 50 levels maintaining the positive bias with a downward direction.Here my skepticism peaks up as weakness plunges among the participants hence i suspect the longevity of the up move.
Book profits on the rise is my call for this expiry
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