Nifty initially took support @ 5018 (support discussed 5016) and bounced upto 5047. Supply from the level made nifty drift down again but unable to breach 5000 (low made 5008), bouncd back towards 5073 (high made 5068), but again failed to break the resistance above. From current scenario Nifty is still in range with downside pressure as 5073 is still not broken on the upside.
Supports:5000/4996 still holds the key. Below that 4985-4960/45is possible. And as it could not move past above 5073 zone, downside pressure will be there. 4960/45 is very crucial support for the uptrend 4531-5191 to be maintained, and some rally towards the broken trendline and ema can not be ruled out. Below 4940, 4920-4895-4820 will be immediate target.
Resistances: 5073 remians the same. As shown on the above chart EMA resistances are @ 5066-5080 respectively. Above that 5095-5115-5145 is possible again.
As long 5080 is being taken out and sustaining, be on the short side on bounce. Around 4960-45 inta longs can be taken in case of breakdown of last low.
Hi Satyam,
ReplyDeleteNice view...
Thanks & regards,
Shirshendu Ghosh