Nifty closed today in red at 5253 shedding a meager 4 points on the cards,but it was certainly a volatile session.The overall market breadth was mild positive with 798 advance to 669 declines.Todays session was evidencing towards weakening momentum, in such case the markets are likely to approach a support ,which immediately is seen at 5200.
Technical view makes us to wait and watch whether the markets are holding the support and further continuing with the trend or it has some other game plan.The picture will certainly be clear in coming days.But more likely nifty is likely to hold 5200 subject to no big windfall strikes the markets.Bouncing from the support the up-move might lead us to 5400 where markets are likely to face some supply.It is clear that we can expect 5600 only when we breach 5400 successfully ,till then we are trapped.
The stochastic oscillator has also been trading in the oversold territory and soon it might rise up from that zone.
Technical view makes us to wait and watch whether the markets are holding the support and further continuing with the trend or it has some other game plan.The picture will certainly be clear in coming days.But more likely nifty is likely to hold 5200 subject to no big windfall strikes the markets.Bouncing from the support the up-move might lead us to 5400 where markets are likely to face some supply.It is clear that we can expect 5600 only when we breach 5400 successfully ,till then we are trapped.
The stochastic oscillator has also been trading in the oversold territory and soon it might rise up from that zone.
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