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As long as nifty stays below 11800, downside momentum likely towards 11680-11591.

 
 
As expected, nifty moved in tight zone entire day and in 2nd half, it breached supporting trendline at 11708. Closed on the fencing line. Today also watch 11680 spot level carefully, breaching and staying below this support means, nifty heading down towards 11624-11591 zone. 
11800 remains as strong resistance levels. Technical indicators still on sell side momentum. As per the daily and Weekly time frame, nifty range would be 11800-11564. Yesterday, we tested 11795, hence, more chances to test lower range today. Keep strict stoploss orders to long positions. 
IT, AUTO, PHARMA and Banking sectors likely to under perform today also. Avoid taking long positions these sectors.
Positional traders can initiate fresh short selling after nifty breaking and staying below 11680 spot level for target of 11571-11545 spot targets.
Resistance 11800,
Supports 11680-11591-11545
Regards,
Suryadev Bandari
Research Analyst.

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 After our update, Nifty rallied from 19225 to 20095, it appears that, nifty likely to take a pause before another rally. Technically , Negative Divergence formed in Hourly charts. Five inner waves appears to be completed as per Elliottwave Perspective. Several other parameters indicating that markets likely to cooloff from over bought position. It's time to be cautious on taking fresh long positions.  As far as possible, keep booking profits, at least , partial profit booking and keep strict stoploss to remaining long positions. Key supports to watch 20000-19870-19700.  Resistance 20100-20200. Regards, Suryadev Bandari Research Analyst