Nifty correction continued and gathered some pace after breaking 5370, but the long term uptrend is intact leaving some more room to the downfall. Support lies @ 5330 (very important)-5300-5260/70. For tomorrow closing below 5330, can drag nifty towards the above said lower levels. But part profit booking is advised near 5330-5300 for shorts. Below 5260 it can move really deeper to 5220-5130 before stabilizing.
Resistance lies @ 5360-75, above which 5415-25 is possible. A cross above 5435 can nullify the bearishness and result into resumption of the uptrend.
The Nifty future prices ended in red terrain along with overall addition of open interest and
ReplyDeleteincrease in the cost of carry, this is an indication of some longs being built up at lower levels.
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