The Nifty opened the session on a bearish note on the back of negative cues from its global
peers.
The index spent the entire session trading in the negative territory and the selling pressure
increased as the session progressed.
The index registered an intraday low of 4796 levels and finally closed the session at the 4845 levels with a loss of 98 points.
The index continued its downward movement once it closed below its recent swing low of 4950
and in the process has managed to achieved our target levels of 4890 /4840 /4800.
Going forward if the index sustains below the 4800 then the declining momentum could accentuate to the levels of 4740 /4700-4690 / 4650 in the near term.
The immediate upside seems to be limited to the levels of 4890—4930 levels (negative gap
resistance), but a close above the 4930 levels might inject some optimist and a bounce to levels
of 5000-5020.
No comments:
Post a Comment