5080/85 and 4950/65 zone proved to be most crucial again. We did gap up above 5080 last time from 4976, and moved up. Friday it broke down 5080 again and closed below that, signifying a clear weakness on the price chart. And we got a gap down today again and again it took a nice support @ 4960 (discussed number of times). Hope that my readers have gained from the view regardless of my post for Monday. We might have witnessed recovery again, which is quite handsome for intra from 4950 zone, inability to cross 5080/85 even 5125/35 can bring fresh lows.
Supports: 5030/25 is crucial. Below that it can exhibit weakness upto 4995 and violation of that will be a threat to break yesterday's low. As market is showing a clear downtrend, bucking that can be a dangerous ploy. Short the market at right place and book profit, then play intra on opposite bounce can be a ideal strategy.
Resistances: 5085 is certainly big. Above that the upmove can extend upto 5125/35 and witness selling again. So shorting @ these levels can be good ploy.
From today I'll update my intra calls on twitter after market hours 15:30 IST.
Hi, i m avid reader of ur blog from quite few months.. Nice to c u back again with ur random post.. can u please post on ur twitter id or put a link for ur twitter on blog page. Hope no more fire,internet issues, etc wud affect us frm ur nice informative blog posts in future.
ReplyDeleteAtul can you see a follow me button on the left hand of the blog? That's a direct link embedded on the blog blog to reach my twitter profile. Hope it works. If not, do come back to me again. Regards.
ReplyDelete